Inventories

Inventory consists of the following components:



	December 31,
	2015			2014
	(In thousands)
Crude oil	$	518,922		$	581,592
Other raw materials and unfinished products⁽¹⁾	214,832			204,467
Finished products⁽²⁾	603,568			531,523
Lower of cost or market reserve	(624,457		)	(397,478		)
Process chemicals⁽³⁾	4,477			4,028
Repairs and maintenance supplies and other	124,527			110,999
Total inventory	$	841,869		$	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.

Crude oil, other raw materials, unfinished products and finished products are carried at the lower of cost or market. Cost is determined principally under the LIFO valuation method to reflect a better matching of cost and revenue. Ending inventory costs in excess of market values are written down to current replacement costs and charged to cost of products sold in the period recorded. In subsequent periods a new lower of cost or market reserve determination is made based on current conditions. We determine the need for a lower of cost or market inventory adjustment by evaluating inventories on an aggregate basis.

Inventories reflect lower of cost or market valuation reserves of $624.5 million and $397.5 million at December 31, 2015 and 2014, respectively. During 2015, the December 31, 2014 market valuation reserve of $397.5 million was reversed as inventory quantities giving rise to the 2014 reserve were sold. A new reserve of $624.5 million was established at December 31, 2015 based on market conditions at that time. The effect of the change in the lower of cost or market reserve was a $227.0 million and $397.5 million increase to cost of products sold for the years ended December 31, 2015 and 2014, respectively.

At December 31, 2015 and 2014, the LIFO value of inventory, net of the lower of cost or market reserve, was equal to current costs. The excess of current cost over the LIFO value of inventory was $273.0 million at December 31, 2013.