Global calls for windfall taxes on oil companies revive
Updated
Updated · The New York Times · May 1
Global calls for windfall taxes on oil companies revive
15 articles · Updated · The New York Times · May 1
Austria, Germany, Italy, Portugal and Spain urged the European Commission to tax excess profits after BP more than doubled quarterly profit and TotalEnergies posted $5.4bn.
The renewed push follows war-driven energy price spikes linked to conflict in Iran, missile attacks on Gulf facilities and a halt to shipping through the Strait of Hormuz.
Advocacy groups including Oxfam and WWF backed the proposal, while Australian lawmakers also discussed raising taxes on offshore oil and gas production.
As war fuels record energy profits, will a windfall tax bring real relief to struggling consumers?
Is the Hormuz crisis the final wake-up call for a global transition to renewable energy?