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                                                                      EXHIBIT 23


                         CONSENT OF INDEPENDENT AUDITORS


                  We consent to the incorporation by reference in the
Registration Statement (Form S-8 No. 2-74856) pertaining to the Holly
Corporation Incentive Stock Option Plan, Holly Corporation Stock Option Plan,
and Holly Corporation Stock Appreciation Rights Plan and in the related
Prospectus of our report dated September 21, 2000 with respect to the
consolidated financial statements of Holly Corporation included in this Annual
Report (Form 10-K) for the year ended July 31, 2000.



                                        ERNST & YOUNG LLP


Dallas, Texas
October 25, 2000