Settlement in this part of Patagonia has been determined both by Argentine and foreign archaeologists and researchers through different findings and investigations carried out in the caves around the present town of Pico Truncado. They have determined that even when Patagonia is at present one of the least populated territories, during many years it has been inhabited by different communities who enjoyed and occupied another natural scenery, successively modified by climatic and geological contingencies.
Lithic pieces found in stratum of different caves explored have given way to determining that the oldest inhabitants of the region lived there some 12.960 years ago, and left samples of their culture, cave art, and the certainty that 13.000 years ago this place had abundant water and pasturelands that attracted an important quantity and variety of animals to the region.
It was only in 1912 that Pico Truncado was born as we know it today. In 1915, while the importance of Caleta Olivia decreased, it became an attraction both for salesmen and ranchers, and for farm and railway workers, who settled with their families, and the population grew to the point that in 1917 Caleta´s public offices were tranferred to Pico Truncado, which was officially founded on 11th July 1921 by decree of President Hipólito Irigoyen.
In 1949, the Comisión de Fomento was formed, and in 1963, when Pico Truncado had approximately 3000 inhabitants, it was declared Town Hall. On 26th August 1964, the first elected intendent, Mr. Leandro Pessolano, assumed his position in the city.
In 1946, gas was discovered in the subsoil, another important landmark in the development of the city, since a big oil field was installed together with all the housing infrastructure required. The population grew from 6000 inhabitants in 1968 to 8000 in 1974.
In 1965 the construction of the gas pipe to Buenos Aires and the fluid treatment plant added to the city growth.
The railway stopped working on 15th January 1978.
During the past few years, the oil crisis and massive dismissals have deeply affected the panorama of the region, and alternative politics have been forced to promote a conversion that allows for an impulse in the productive area, thus taking into consideration the development of tourism, culture and anthropology as main points of interest.