I believe (as I have read in a ebay offering) that it is a hand pumped oil or other liquid storage container. Used at gas stations for owner or customers. I actually have one that is marked Standard Oil.
Last edited by Oldgas; Fri Sep 20 201309:24 PM. Reason: edit to conform with guidelines
What Dick B said. Even into the 30s -40s, many people in rural areas didnt have electricity. General, Hardware store dispenser, for lamp,heater oil. John Rockefeller started Standard _OIL_ pre automobile- Gasoline was a bonus for him.
I have see at least a dozen of them over the years. Some can have great color and graphics, others are very plain. They are normally not very expensive. I always thought they were neat but they take a fair amount of space.