Europe Targets BP, Shell, TotalEnergies Iran-War Profits for Tax Weeks After Bumper Gains
Updated
Updated · Bloomberg · May 22
Europe Targets BP, Shell, TotalEnergies Iran-War Profits for Tax Weeks After Bumper Gains
2 articles · Updated · Bloomberg · May 22
European tax collectors are moving to capture a share of windfall trading profits that BP, Shell and TotalEnergies booked after the Iran war jolted energy markets.
Those profits became a political target within weeks of the companies reporting bumper gains, giving governments a fresh revenue source as war-driven price swings enrich major traders.
The focus is on trading windfalls rather than routine operating earnings, sharpening scrutiny of how Europe taxes extraordinary profits generated by geopolitical shocks.
The push extends Europe’s broader effort to raise more money from energy companies when crises send oil and gas markets sharply higher.
Can Europe's new windfall taxes capture record oil profits, or will companies simply shift their earnings to tax havens?
Will Europe's new oil profit taxes fund citizen relief or be diverted to rearmament and the green transition?