Inventories

Inventory consists of the following components:



	December 31,
	2016			2015
	(In thousands)
Crude oil	$	549,886		$	518,922
Other raw materials and unfinished products⁽¹⁾	287,561			214,832
Finished products⁽²⁾	465,432			603,568
Lower of cost or market reserve	(332,518		)	(624,457		)
Process chemicals⁽³⁾	2,767			4,477
Repairs and maintenance supplies and other ⁽⁴⁾	162,548			124,527
Total inventory	$	1,135,676		$	841,869


(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

Inventories which are valued at the lower of LIFO cost or market reflect a valuation reserve of $332.5 million and $624.5 million at December 31, 2016 and 2015, respectively. The December 31, 2015 market reserve of $624.5 million was reversed due to the sale of inventory quantities that gave rise to the 2015 reserve. A new market reserve of $332.5 million was established as of December 31, 2016 based on market conditions and prices at that time. The effect of the change in the lower of cost or market reserve was a decrease to cost of goods sold of $291.9 million for the year ended December 31, 2016 and an increase of $227.0 million and $397.5 million for the years ended December 31, 2015 and 2014, respectively.

At December 31, 2016, 2015 and 2014, the LIFO value of inventory, net of the lower of cost or market reserve, was equal to current costs.