“The plea came from five EU countries, which also called for the tax to be expanded to foreign profits dealing with fossil fuels.”

“The windfall profit tax applied in 2022 raised around €28 billion of additional public revenue.”

“The Commission is under pressure from Austria, Germany, Italy, Portugal, and Spain, which have demanded that it consider measures to curb the excessive profits of energy companies.”

“The current crisis is more acute than the 2022 energy crisis, given the additional shortage of roughly 20% of global oil from the Gulf States, which are unable to cross the Strait of Hormuz, a strategic and vital energy corridor held hostage by Iran.”

“A recent study by the Institute Jacques Delors assessing the measures introduced by 22 EU countries to cut energy bills estimates these measures have already cost €9 billion.”

“An estimated €13 billion in additional costs have arisen from higher fossil fuel imports since the start of the war in Iran.”

“A study by the campaign group Transport and Environment (T&E) suggests that if current prices and market instability persist until the end of the year, around €20 billion in excess profit could be generated across the road fuel supply chain.”