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Inventories

6 Months Ended

Jun. 30, 2012

. Inventories

The major components of inventories were as follows:



	June 30, 2012		December 31, 2011
Petroleum products	$	53,962	$	70,769
Crude oil	6,510		11,701
Caustic soda	8,527		11,312
NaHS	3,973		7,337
Other	6		5
Total	$	72,978	$	101,124

Inventories are valued at the lower of cost or market. The costs of inventories exceeded market values by approximately $1.1 million at June 30, 2012, and we reduced the value of inventory in our Unaudited Condensed Consolidated Financial Statements for this difference. At December 31, 2011, market values of our inventories exceeded recorded costs.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References+ Details