Oil giants cash in on the US-Iran conflict. Can an EU-wide tax on oil profits ease the energy crisis?

AI Summary

The US-Iran conflict has driven higher energy bills in Europe, while Greenpeace estimates oil companies earned €36 billion more from EU diesel and petrol sales than before the conflict. The article raises whether an EU-wide tax on oil profits could help ease the energy crisis.

Since the US-Iran conflict began on February 28, Europeans have faced higher energy bills. The added costs have gone straight into large oil companies’ pockets. Greenpeace estimates that oil companies earned €36 billion more from EU diesel and petrol sales than before the war, based on the difference between crude oil and net fuel prices. ...