U.S. refiners are relying more on North American crude than at any time since 1986 as a glut of supply makes local oil cheaper than imports from overseas. Domestic production and imports from Canada and Mexico made up 85 percent of crude processed at U.S. plants in January, the most since March 1986, according to U.S. Energy Department data. Refiners are buying locally as surging output in the U.S. and Canada helped boost U.S. stockpiles rose to 471.4 million barrels last week, the highest since 1930. West Texas Intermediate, the U.S. benchmark, averaged $6.26 a barrel less than international marker Brent in the first quarter, widening from $3.94 in the fourth quarter of 2014. “A lot of the refiners that are independent see that North American crude is cheaper and they can keep their costs low,” Carl Larry, director of oil and gas for Frost & Sullivan LP in […]