The Associated Oil Company served the west coast and Pacific Northwest; it merged with the Tidewater Oil Company in 1938. The logo, seen in the upper right-hand corner of this stamp, was a flying A. In 1938-39, they issued sets of stamps that you could collect in booklets. This one is from the "Stamps of the West" series, which featured various landmarks and tourist attractions; another, similar series was called "Roads to Romance." The company also commissioned a series of photographs of the construction of the Golden Gate Bridge, which are well worth a look.
This stamp commemorates the first jumping frog contest in Calaveras.