Huang Haidong misses the flush times in 2010 when his refinery in eastern China couldn’t produce diesel fast enough to fill the trucks lined up outside. “There was a fuel shortage,” said Huang, who works as a supply manager at one of 40 “teapot” or small, privately held plants that dot Shandong province. “We ran our units at more than 80 percent at that time and still couldn’t meet demand. But things changed after the expansion frenzy.” Huang’s plant cut processing rates by half over the past four years as China’s refining capacity expanded 33 percent and economic growth slowed in the world’s second-largest oil consumer. While the country can process about 13.4 million barrels a day of crude, the International Energy Agency in Paris estimates demand this year will be just 10.3 million. Oil’s 46 percent plunge since June has benefited Chinese consumers with the lowest gasoline prices […]