In March 1961, James L. and his wife M. Joyce Hanson purchased a business that distributes petroleum products located at 940 E. Broadway, Missoula, MT. On March 25, 1961, they opened the business as the consignee for the Union Oil Co. The facilities were owned by the Union Oil Co on ground controlled by the Burlington Northern Railroad.

The business operated as a sole proprietorship until November 14, 1979, when the Hansons incorporated the business and registered it with the Montana Secretary of State under the name Finest Oil Co (FOC).

On January 4, 1988, Steve L. Hanson was elected President of Finest Oil Co, a position he still holds. Throughout the years, FOC has shown steady growth, which has resulted in the construction of a large state-of-the-art warehouse with a first-in-the-nation 20,000 gallon bulk-oil storage and dispensing facility on site in 1998.

FOC also operates its first of four cardlock fueling sites at the warehouse site, 3665 Grant Creek Rd. The other sites are located at 980 E. Broadway, 8448 US Hwy 10 West, and 5355 W. Harrier (South off I-90 on North Airport Boulevard).

Currently, FOC owns and operates nine truck and tractor delivery vehicles, five tank and van trailers, and five delivery pickups.