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Profile: Ben Faulks
Ben Faulks was a participant or observer in the following events:
Iran, despite being OPEC’s second largest oil exporter, is forced to import a billion dollars worth of gasoline due to demand outstripping the country’s limited refining capacity. “We use 50 million liters of fuel each day, 10 percent more than just a year ago,” Seyyed Reza Kasaizadeh, planning director for the national refining and distribution company NIORDC, tells the Persian daily Khorasan. Roughly a quarter of that amount is purchased by the government on the open market, and then sold to the public at the same subsidized price as domestically refined fuel—roughly 35 cents per gallon. [Iran Daily, 12/12/2004] In addition to the subsidy program’s actual costs, the program also represents “a huge opportunity cost, because they could be selling that at world prices,” Ben Faulks, an analyst for the London-based Economist Intelligence Unit, tells the Washington Post in mid-2005. Iran hopes that its nuclear energy program will solve this problem by reducing the country’s industrial oil consumption needs. The country would then be able to sell more of its oil at market prices and substantially increase its revenue. [Washington Post, 7/4/2005]
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