Carrying value of inventories consisted of the following:
 
As of December 31,
 
2016
 
2015
Crude oil, refined products and blendstocks
$
36,259

 
$
24,548

Crude oil consignment inventory (Note 7) (1)
1,850

 
(95
)
Materials and supplies
11,573

 
10,991

Total inventories
$
49,682

 
$
35,444


_______________________
(1)
The fair value of the hedged item designated in our fair value hedge reduced the carrying value of our consigned inventory valued at LIFO below zero at December 31, 2015.