Oil Capitol, a dark gray colt, was bred by the Widener family's Elmendorf Farm in Fayette County, Kentucky.
Oil Capitol was owned by the wife of trainer Harry Trotsek in partnership with Thomas Grey of Tulsa, Oklahoma.
Grey gave the colt the name, which, spelled with an "o" instead of an "a," was taken from the common reference to the city of Tulsa as the "Oil Capital of the World."
[3] He equaled the Keeneland track record for 6½ furlongs and was named 1949 American Champion Two-Year-Old Colt in a poll conducted by Turf and Sport Digest Magazine.
[6] Thomas Grey sold his interest in Oil Capitol during the latter part of 1951 to Allie Reuben's Hasty House Farm.