This topic has been beaten to death in the past. You can use the search function to find lots of posts, but here's the short answer:
Paraffin does not mean wax, it is an old term used to describe properties of certain petroleum products. It literally means "without affinity" . . . in other words something that's chemically stable. Paraffin wax and paraffin oil describe two different types of petroleum products that tend not to break down easily. Who wouldn't want their motor oil to be chemically stable?
Crude oils that tend to refine into nice clear oils and white waxes rather than smelly reactive compounds and sticky black tars are also termed paraffinic, as opposed to being naphthenic or asphaltic. Historically, a particularly good paraffinic crude for making motor oil came from Pennsylvania (the Quaker State) and that is where the brands originated. Now their crude oil mainly comes in on big tankers from who-knows-where. Modern refining methods can make equivalent base oils out of a variety of crudes.
These urban myths about Pennzoil will never die. In its current formulation it is a very good conventional oil, probably better than many of the other brands.
[ April 12, 2006, 04:58 PM: Message edited by: BigAl ]