8. Refined Petroleum Products and Crude Oil Inventory Risk Management (Tables)

12 Months Ended

Dec. 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional volume of outstanding contracts by type of instrument

The information presents the notional volume of open commodity instruments by type and year of maturity (volumes in barrels):

	Notional Contract Volumes by Year of Maturity
Inventory positions (futures):	2012		2013		2014		2015
Refined petroleum products and crude oil -
net short (long) positions		30,000		-		-		-

Fair value amounts of derivative instruments

The following table provides the location and fair value amounts of derivative instruments that are reported in the consolidated balance sheets at December 31, 2012 and 2011:

		Fair Value
		December 31,		December 31,
Liabilities Derivatives	Balance Sheets Location	2012		2011
	Accrued expenses and other
Commodity contracts	current liabilities	$	136,100	$	-

Derivative instruments on the consolidated statements of operations

The following table provides the effect of derivative instruments on the consolidated statements of operations for the twelve months ended December 31, 2012 and 2011:

		Gain (Loss) Recognized
		December 31,			December 31,
Derivatives	Statements of Operations Location	2012			2011
Commodity contracts	Cost of refined products sold	$	(136,100	)	$	-