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Inventories

9 Months Ended

Sep. 30, 2013

3. Inventories

The major components of inventories were as follows:



	September 30, 2013		December 31, 2012
Petroleum products	$	85,121	$	58,943
Crude oil	26,767		15,885
Caustic soda	2,028		5,636
NaHS	5,181		6,573
Other	25		13
Total	$	119,122	$	87,050

Inventories are valued at the lower of cost or market. The market value of inventories was below recorded costs by approximately $0.8 million at September 30, 2013, therefore we reduced the value of inventory in our Unaudited Condensed Consolidated Financial Statements for this difference. At December 31, 2012, 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.

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