Inventories

Inventory consists of the following components:



	December 31,
	2012		2011
	(In thousands)
Crude oil	$	502,978	$	400,952
Other raw materials and unfinished products⁽¹⁾	150,090		137,356
Finished products⁽²⁾	585,610		513,776
Process chemicals⁽³⁾	3,514		1,180
Repairs and maintenance supplies and other	77,440		61,355
Total inventory	$	1,319,632	$	1,114,619


(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 $134.0 million and $378.0 million at December 31, 2012 and 2011, respectively. For the years ended December 31, 2012, 2011 and 2010, we recognized reductions of $4.2 million, $0.1 million and $4.1 million, respectively, to cost of products sold as we liquidated certain LIFO inventory quantities carried at historical LIFO acquisition costs below market value at the time of liquidation.