The only town in Península Valdés, Puerto Pirámides became one of the premier whale watching destinations in the world; the municipality has six hotels, 15 lodges and two campgrounds.

In 1898, Buenos Aires developer Antonio Muno ventured into the exploitation of the area's considerable salt mines, for which he obtained permission to build a rail line and other facilities in 1900.

Following bankruptcy proceedings, Muno was forced to cede his share of the land to one of his partners, Alejandro Ferro, who kept the area as a semi-private haven until the Province of Chubut expropriated it in 1958.

The inlet was the scene of an as-yet unexplained series of submarine incidents during 1958 to 1960[citation needed], though afterward, the tiny hamlet drew little interest; tourists preferred nearby Golfo San Jorge, where whale watching was better.

During a survey of the area in 1972, famed oceanographer Jacques Cousteau observed that calving southern right whale mothers in a Golfo Nuevo location near Puerto Pirámides had little interest in raising offspring there, despite preferring to give birth at the site.