Inventory

9 Months Ended

Sep. 30, 2011

Inventory at December 31, 2010 and September 30, 2011 was as follows (in thousands):




	December 31, 2010		September 30, 2011
Refined petroleum products	$	146,211	$	105,770
Natural gas liquids	27,982		91,354
Transmix	32,277		49,524
Crude oil	5,008		3,987
Additives	4,930		6,485
Total inventory	$	216,408	$	257,120

In third quarter 2011, we recorded a $2.3 million and a $0.7 million lower-of-average-cost-or-market adjustment to our refined petroleum products and transmix inventory, respectively, resulting from a decrease in market prices in late third quarter 2011. These adjustments were included in operating expenses on our consolidated statements of income.

The increase in natural gas liquids was due to the purchase of butane during 2011 in anticipation of the petroleum products blending season, which begins each September.