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Inventories
3 Months Ended
Mar. 31, 2015
Inventories [Abstract]  
Inventories

 

Note C – Inventories

 

Inventories are carried at the lower of cost or market.  For the Company’s U.K. refining and marketing operations reported as discontinued operations, the cost of crude oil and finished products is predominantly determined on the last-in, first-out (LIFO) method.  At March 31, 2015 and December 31, 2014, the carrying value of inventories under the LIFO method was $29.7 million and $44.9 million, respectively, less than such inventories would have been valued using the first-in, first-out (FIFO) method.  These inventories are included in current assets held for sale on the Consolidated Balance Sheet.