CleanTechnica•21 days ago
Oil Companies Set to Make €24 Billion in Excess Profits from European Drivers This Year
Key Takeaway
Geopolitical events continue to drive significant volatility and super-profits in fossil fuel markets, prompting calls for government intervention and potential new taxation that could impact energy costs and investment strategies for developers and large consumers.
AI Summary
- •Oil companies are projected to earn €24 billion in excess profits from European drivers in 2026, driven by the latest Middle East conflict.
- •€1.3 billion in super-profits has already been realized, indicating significant market volatility and high fossil fuel prices.
- •Transport & Environment (T&E) is advocating for a temporary windfall tax on these oil company profits, signaling potential policy and regulatory changes in European energy markets.
Topics
policy
Article Content
T&E calls for a temporary tax on oil companies’ super-profits. Oil majors are set to make a €24 billion¹ windfall from European drivers off the back of the latest conflict in the Middle East, a new T&E tracker shows². Oil companies have already made €1.3 billion in excess profits, the ... [continued] The post Oil Companies Set to Make €24 Billion in Excess Profits from European Drivers This Year appeared first on CleanTechnica .