A asphalt binder modifier or a stand-alone asphalt binder and the method of making the asphalt binder or binder modifier are disclosed. The asphalt modifier or binder consisting of treated re-refined engine oil bottoms/VTB's treated by injecting air into re-refining engine oil bottoms/VTB's at temperatures between 150° F. and 550° F. The re-refined engine oil can be processed with ground tire rubber. The binder modifier was blended with various paving and roofing asphalts to form performance-enhanced modified asphalt binders used in paving, roofing, and industrial products.