Inventories

3 Months Ended

Mar. 31, 2022

Inventories at March 31, 2022 and December 31, 2021 consisted of the following (in thousands):


	Titled Inventory		Supply and Offtake Agreement (1)		Total
March 31, 2022
Crude oil and feedstocks	$	291,932	$	196,035	$	487,967
Refined products and blendstock	175,942		180,618		356,560
Warehouse stock and other (2)	182,606		—		182,606
Total	$	650,480	$	376,653	$	1,027,133

December 31, 2021
Crude oil and feedstocks	$	102,085	$	199,282	$	301,367
Refined products and blendstock	179,737		142,872		322,609
Warehouse stock and other (2)	166,341		—		166,341
Total	$	448,163	$	342,154	$	790,317

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(1)Please read Note 7—Inventory Financing Agreements for further information.

(2)Includes $134.8 million and $120.1 million of RINs and environmental credits, reported at the lower of cost or net realizable value, as of March 31, 2022 and December 31, 2021, respectively. RINs and environmental obligations of $346.0 million and $311.0 million, reported at market value, are included in Other accrued liabilities on our condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively.

As of March 31, 2022, we had no reserve for the lower of cost or net realizable value of inventory. As of December 31, 2021, there was a $0.5 million reserve for the lower of cost or net realizable value of inventory. As of March 31, 2022 and December 31, 2021, the excess of current replacement cost over the last-in, first-out (“LIFO”) inventory carrying value at the Washington refinery was approximately $77.9 million and $46.0 million, respectively.