Inventories

9 Months Ended

Sep. 30, 2021

Inventories consist of the following components:


	September 30, 2021		December 31, 2020
	(In thousands)
Crude oil	$	506,545	$	451,967
Other raw materials and unfinished products (1)	396,745		260,495
Finished products (2)	795,416		595,696
Lower of cost or market reserve	—		(318,862)
Process chemicals (3)	44,904		35,006
Repair and maintenance supplies and other (4)	143,470		149,174
Total inventory	$	1,887,080	$	1,173,476

(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.

(4)Includes RINs.

Our inventories that are valued at the lower of LIFO cost or market reflected a valuation reserve of $318.9 million at December 31, 2020. The December 31, 2020 market reserve of $318.9 million was reversed during the six months ended June 30, 2021 due to the sale of inventory quantities that gave rise to the 2020 reserve. The effect of the change in lower of cost or market reserve was a decrease to cost of products sold totaling $318.9 million for the nine months ended September 30, 2021, a decrease to cost of products sold totaling $62.8 million for the three months ended September 30, 2020, and an increase to cost of products sold of $227.7 million for the nine months ended September 30, 2020.

At September 30, 2021, the LIFO value of inventory was equal to cost.