20. Inventory Risk Management (Tables)

9 Months Ended

Sep. 30, 2015

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):	2015		2016		2017
Refined petroleum products and crude oil - net short positions		155,000		-		-

Fair value amounts of derivative instruments

The following table provides the location and fair value amounts of derivative instruments that are reported in our consolidated balance sheets at September 30, 2015 and December 31, 2014: 

		Fair Value
Asset Derivatives	Balance Sheets Location	September 30, 2015	December 31, 2014
	Prepaid expenses and other current
	assets (accrued expenses and other
Commodity contracts	current liabilities)	$    133,150	$    495,900

Effect of derivative instruments

The following table provides the effect of derivative instruments in our consolidated statements of income for the three months ended September 30, 2015 and 2014: 

		Gain (Loss) Recognized
		Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives	Statements of Operations Location	2015		2014		2015		2014
Commodity contracts	Cost of refined products sold	$	2,205,291	$	396,271	$	1,762,582	$	(12,438	)