‘And Jacob set up a pillar in the place where he spoke with him, a pillar of stone. And he poured out a drink offering on it, and poured oil on it.'
This is the second pillar that Jacob has set up. The first commemorated his first vision when he saw the angels of God ascending and descending on a ramp as they went about their heavenly business in the world, and was assured of God's presence with him and watch over him and his participation in the covenant (Genesis 27:18). It was set up in the place where he slept. This one commemorates an even greater occasion, the awesome visible manifestation of God in renewal of that covenant now that he is back in the land of promise. Again the pillar is witness to the covenant that has been made. It is set up at the very site of the theophany. As we have seen earlier, Jacob was a great one for requiring evidence of covenants (Genesis 26:33).
“And he poured out a drink offering on it, and poured oil on it.” The first pillar was set apart to God by the pouring of oil on it and it marked God's visit and presence, but there was no thought there of an offering. It was a reminder of what had happened and of the covenant made. Here the offering comes first. Jacob pours out a drink offering to God, and only then does he sanctify it to God. It is a recognition of God's continued presence.