Fair Value Measurements Fair Value Measurements (Policies)

12 Months Ended

Dec. 31, 2011

Fair Value Measurements [Abstract]

Financial Instruments [Policy Text Block]

Financial Instruments

The carrying value of our financial instruments, including cash and cash equivalents, receivables, accounts payable and certain accrued liabilities approximate fair value because of the short maturities of these instruments. We estimate the fair value for our debt primarily using quoted market prices.

We classify financial assets and financial liabilities into the following fair value hierarchy:

• level 1 - quoted prices in active markets for identical assets and liabilities;

• level 2 - quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability; and

• level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

We measure fair value using level 1 inputs, when available, because they provide the most reliable evidence of fair value. Derivative instruments and our Renewable Identification Numbers (“RINs”) are our only financial assets and financial liabilities measured at fair value on a recurring basis. See Note J for further information on the Company's derivative instruments.