An oil and vapor recovery system having a float system for adjusting the height of oil and vapor recovery intakes. The float system is preferably adjustable to allow connection of additional floats to maintain buoyancy and keep the vapor intake above the level of the oil in the holding tank and to maintain the oil intake above the level of the water contained in the holding tank. Vapor is drawn out of the holding tank using a vacuum assisted siphon. Oil can be withdrawn from the holding tank by suction or simply by letting the oil flow into an outlet by gravity.