Inventories

9 Months Ended

Sep. 30, 2022

Inventories consist of the following components:


	September 30, 2022		December 31, 2021
	(In thousands)
Crude oil	$	866,995	$	630,873
Other raw materials and unfinished products (1)	830,489		530,067
Finished products (2)	1,431,746		726,930
Lower of cost or market reserve	(51,578)		(8,739)
Process chemicals (3)	50,280		43,025
Repair and maintenance supplies and other (4)	309,220		199,972
Total inventory	$	3,437,152	$	2,122,128

(1)Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.

(2)Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPG’s and residual fuels.

(3)Process chemicals include additives and other chemicals.

(4)Includes RINs.

Our renewables inventories that are valued at the lower of LIFO cost or market reflect a valuation reserve of $51.6 million and $8.7 million at September 30, 2022 and December 31, 2021, respectively. A new market reserve of $51.6 million as of September 30, 2022 was based on market conditions and prices at that time. The effect of the change in the lower of cost or market reserve was an increase to cost of products sold totaling $16.8 million and $42.8 million for the three and nine months ended September 30, 2022, respectively.

At September 30, 2022, the LIFO value of our refining inventories was equal to cost. For the nine months ended September 30, 2021, we recorded a decrease to cost of products sold of $318.9 million due to the effect of the change in the lower of cost or market reserve recorded on our refinery inventories at that time.