Inventories

Inventory consists of the following components:



	December 31,
	2013		2012
	(In thousands)
Crude oil	$	567,281	$	502,978
Other raw materials and unfinished products⁽¹⁾	154,534		150,090
Finished products⁽²⁾	519,633		585,610
Process chemicals⁽³⁾	3,504		3,514
Repairs and maintenance supplies and other	109,295		77,440
Total inventory	$	1,354,247	$	1,319,632


(1)	Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.


(2)	Finished products include gasolines, jet fuels, diesels, lubricants, asphalts, LPG’s and residual fuels.


(3)	Process chemicals include additives and other chemicals.

The excess of current cost over the LIFO value of inventory was $273.0 million and $134.0 million at December 31, 2013 and 2012, respectively. For the year ended December 31, 2013, we recognized a charge of $9.2 million to cost of products sold as we liquidated certain quantities of LIFO inventory that were carried at historical acquisition costs above market prices at the time of liquidation. For the years ended December 31, 2012 and 2011, we recognized reductions of $4.2 million and $0.1 million, respectively, to cost of products sold due to the liquidation of certain quantities of LIFO inventory that were carried at historical acquisition costs below market value at the time of liquidation.