A little historical info:
With the mass consolidation of the early oil industry from the late 19th through early 20th century being commonplace, in 1906 a consolidation between Pacific Coast Oil and Iowa Standard oil creates Standard Oil (California). Traditionally, Standard Oil did not find oil themselves but decides to try their hand at hunting for new oil spots and their gamble pays off when, in early 1910, they find their first gusher in Kern County, CA (Midway Sunset Oil field) which incidentally is the county just below yours, Ed

. By 1910-1915 most of the brand name oil, lubricants, etc. were heavily marketed as well as gasoline sales and by 1916, Standard Oil's gasoline sales and lubricants (including Zerolene and Polarlene which both had the Polar Bear logo) had doubled. Also, the newly designed "service station" concept started popping up around this time.
The name Zerolene came from the fact that Standard Oil had scientifically engineered the oil to flow freely in zero degree temperatures whereas other engines would act quite sluggish with the plunging temperatures during the winters. Furthermore, Zerolene was refined from asphalt-based crude which "distills without decomposition" which for car owners meant saving money from not having too constant have their autos valves adjusted or cleaning out carbon which was a common problem.
I also found some cool ads featuring Zerolene from Standard Oil's Bulletin in 1916 (which if you scroll up one page... points to using Zerolene as a cure for all ills...well at least a dog's ills!) as well as an ad from a 1914 Honolulu newspaper.
As far as value for your specific oil can that probably dates form the late teens through the 1930s and a few examples similar to the No.3 go anywhere from $30 to $80 depending on condition. Though a Gold Medal winning 1915 can went for several hundred recently.
https://books.google.com/books?id=v...v=onepage&q=zerolene standard oil can&f=false
http://oldautonews.com/wp-content/uploads/2012/12/zerolene-driver-ad.jpg
Hope this helps.
Neat find!
-Hunter