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Inventories
3 Months Ended
Mar. 31, 2014
Inventory Disclosure [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. The U.K. inventories are reported within Current assets held for sale on the Consolidated Balance Sheet. At March 31, 2014 and December 31, 2013, the carrying values of inventories under the LIFO method were $201.6 million and $268.6 million, respectively, less than such inventories would have been valued using the first-in, first-out (FIFO) method.