Inventories

Inventory consists of the following components:



	March 31, 2015			December 31, 2014
	(In thousands)
Crude oil	$	575,714		$	581,592
Other raw materials and unfinished products⁽¹⁾	199,608			204,467
Finished products⁽²⁾	614,546			531,523
Lower of cost or market reserve	(390,932		)	(397,478		)
Process chemicals⁽³⁾	4,563			4,028
Repair and maintenance supplies and other	112,179			110,999
Total inventory	$	1,115,678		$	1,035,131


(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.

Inventories, which are valued at the lower of LIFO cost or market, reflect a valuation reserve of $390.9 million and $397.5 million at March 31, 2015 and December 31, 2014, respectively. The December 31, 2014 market reserve of $397.5 million was reversed and reduced cost of products sold during the first quarter of 2015, due to the sale of inventory quantities that gave rise to the reserve. A new market reserve of $390.9 million was established as of March 31, 2015 based on market conditions and prices at that time.