Exhibit 12.1

Holly Energy Partners, L.P.
Computation of Ratio of Earnings
To Fixed Charges
(In thousands)

	Six Months
	Ended		Years Ended December 31,
	June 30, 2008		2007		2006		2005		2004		2003
Earnings:
Net income	$	11,613	$	39,271	$	27,543	$	26,816	$	32,494	$	581
Minority interest in consolidated subsidiary		670		1,067		680		740		1,994		758
Income from equity investee		—		—		—		—		—		(894	)
		12,283	$	40,338		28,223		27,556		34,488		445
Add:
Total fixed charges (per below)		10,025		15,125		14,815		11,324		2,279		1,665
Total earnings	$	22,308	$	55,463	$	43,038	$	38,880	$	36,767	$	2,110
Fixed charges:
Interest expense	$	9,040	$	13,289	$	13,056	$	9,633	$	697	$	—
Estimate of interest within rental expense(1)		985		1,836		1,759		1,691		1,582		1,665
Total fixed charges	$	10,025	$	15,125	$	14,815	$	11,324	$	2,279	$	1,665
Ratio of earnings to fixed charges		2.23		3.67		2.91		3.43		16.13		1.27

(1) Represents 30% of the total operating lease rental expense which is that portion deemed to be interest.