Abstract: The invention provides a method of converting light hydrocarbons to olefins, gasoline and methanol. In the first stage, a gas containing one or more light hydrocarbons is synthesized to higher hydrocarbons including raw gasoline. However, at commercially acceptable selectivities using currently available catalyst, a majority of the light hydrocarbons remain unsynthesized. In addition, the synthesis produces significant quantities of carbon dioxide and some carbon monoxide. In this method the unsynthesized light hydrocarbons and the oxides of carbon are used to produce methanol, which can be used for several purposes including gasoline or ethylene synthesis.