Inventories

Inventory consists of the following components:



	June 30, 2015			December 31, 2014
	(In thousands)
Crude oil	$	508,984		$	581,592
Other raw materials and unfinished products⁽¹⁾	191,102			204,467
Finished products⁽²⁾	617,996			531,523
Lower of cost or market reserve	(255,452		)	(397,478		)
Process chemicals⁽³⁾	4,903			4,028
Repair and maintenance supplies and other	122,385			110,999
Total inventory	$	1,189,918		$	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 $255.5 million and $397.5 million at June 30, 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 six months ended June 30, 2015, due to the sale of inventory quantities that gave rise to the reserve. A new market reserve of $255.5 million was established as of June 30, 2015 based on market conditions and prices at that time. The effect of the change in lower of cost or market reserve was a $135.5 million and $142.0 million reduction of cost of products sold for the three and six months ended June 30, 2015, respectively.