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Inventories

6 Months Ended

Jun. 30, 2011

3. Inventories

The cost of inventories is determined using the last-in, first-out (LIFO) method. Costs include crude oil and other feedstocks, labor, processing costs and refining overhead costs. Inventories are valued at the lower of cost or market value.

Inventories consist of the following:


	June 30,		December 31,
	2011		2010
Raw materials	$	82,301	$	12,885
Work in process		59,807		49,006
Finished goods		116,557		85,219

	$	258,665	$	147,110

The replacement cost of these inventories, based on current market values, would have been $85,775 and $55,855 higher as of June 30, 2011 and December 31, 2010, respectively. For the three and six months ended June 30, 2011 and 2010, the Company recorded $0 and $883, respectively, of gains in cost of sales in the unaudited condensed consolidated statements of operations due to the liquidation of lower cost inventory layers.

- 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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