INVENTORY	6 Months Ended
Jun. 30, 2019
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY Our inventory of $2.2 million and $0.2 million at June 30, 2019 and December 31, 2018, respectively, is comprised of crude oil we acquired as a result of buy-sell arrangements that we enter into, whereby we take title to commodities on a temporary basis. We record our inventory at cost, representing the amount we pay to purchase the crude oil, and account for it on a first-in, first-out, or FIFO, basis. The purchase price we pay for the crude oil is set forth in our buy-sell agreements and is determined from an indexed market price. The market price at which we ultimately sell the crude oil is determined based on the same indexed market price as the crude oil purchase, plus an agreed-upon rate differential. The difference between the purchase price and the selling price establishes a fixed amount we receive, on a per barrel basis, when the inventory is sold pursuant to the terms of our buy-sell arrangements, eliminating any commodity price exposure to us. Based on the terms of our buy-sell arrangements, the selling price will always be greater than the cost of our inventory. The resulting income we receive represents a fee for the terminalling services we provide our customers, which we record net in “Terminalling services” on our consolidated statement of income.

INVENTORY

Our inventory of $2.2 million and $0.2 million at June 30, 2019 and December 31, 2018, respectively, is comprised of crude oil we acquired as a result of buy-sell arrangements that we enter into, whereby we take title to commodities on a temporary basis. We record our inventory at cost, representing the amount we pay to purchase the crude oil, and account for it on a first-in, first-out, or FIFO, basis. The purchase price we pay for the crude oil is set forth in our buy-sell agreements and is determined from an indexed market price. The market price at which we ultimately sell the crude oil is determined based on the same indexed market price as the crude oil purchase, plus an agreed-upon rate differential. The difference between the purchase price and the selling price establishes a fixed amount we receive, on a per barrel basis, when the inventory is sold pursuant to the terms of our buy-sell arrangements, eliminating any commodity price exposure to us. Based on the terms of our buy-sell arrangements, the selling price will always be greater than the cost of our inventory. The resulting income we receive represents a fee for the terminalling services we provide our customers, which we record net in “Terminalling services” on our consolidated statement of income.