It's highly unlikely Pencoil had anything to do with Pennzoil. Pencoil was the trademark of Pennsylvania Petroleum Company of Kansas City, MO. The Pencoil brand name dates to around 1926 and was still in use at least until 1935.
The Pennzoil Company was from Oil City,PA and was primarily a lubricants refiner and marketer prior to getting into the retail gasoline business when they opened their first gas station in 1921.
South Penn, which had been part of the Standard Oil Trust bought controlling interest in The Pennzoil Company in 1925. The gas stations were renamed Pennzip in 36 but were still part of the The Pennzoil Company.
Pennsylvania grade crude was thought to be the highest quality crude so several companies capitalized by using "Penn" in their name, or products name.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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