A specific gravity valve, has a floating valve member with a specific gravity that is less than the specific gravity of a first liquid and greater than the specific gravity of a second, heavier liquid. A valve seat is associated with the floating valve member. A valve member retainer retains the floating valve member and permits limited vertical movement of the floating valve member between an open position away from the valve seat and a closed position engaged with the valve seat, such that in the open position, fluid flow through the respective outlet is permitted, and in the closed position, fluid flow through the respective outlet is prevented. The specific gravity valve may be used with a production tank to prevent an unintended draw off of the wrong fluid component in the tank.