The following information comes from the 2024 Ocean Petroleum Corporation annual report to shareholders:

NOTE 4 INVENTORIES

Net carrying values of inventories valued under the LIFO method were approximately $182 million and $202 million on December 31, 2024 and 2023, respectively. Inventories consisted of the following: ($ in millions)

	2024	2023
Raw materials	$ 76	$ 75
Materials and supplies	457	456
Finished goods	786	405
	1,319	936
LIFO reserve	(53)	(48)
Total	$ 1,266	$ 888

The LIFO reserve indicates that inventories would have been $53 million and $48 million higher at the end of 2024 and 2023, respectively, if Ocean Petroleum had used FIFO to value its entire inventory.

Required:

If Ocean Petroleum had used FIFO to value its entire inventory how would its 2024 pre-tax income be affected?

ANSWER IN THE FORM OF

Pre tax income would have been___________ Million (higher or lower) if FIFO had been used to value the entire inventory