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INVENTORIES

3 Months Ended

Mar. 31, 2014

4. INVENTORIES

Inventories include the following:

	March 31, 2014		December 31, 2013
	(thousands of dollars)
Raw material	$	2,500	$	2,403
Petrochemical products		9,477		9,660
Total inventory	$	11,977	$	12,063

Inventories are recorded at the lower of cost, determined on the last-in, first-out method (LIFO), or market. At March 31, 2014, and December 31, 2013, current cost exceeded LIFO value by approximately $2.0 million and $1.5 million, respectively.

Inventories serving as collateral for our line of credit with a domestic bank were $3.6 million and $4.9 million at March 31, 2014, and December 31, 2013, respectively (see Note 7).

Inventory included products in transit valued at approximately $6.5 million and $4.4 million at March 31, 2014, and December 31, 2013, respectively.

- 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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