Klingbeil Pushes EU-Wide Oil Windfall Tax With 5 Ministers as Iran War Lifts Fuel Prices
Updated
Updated · Yahoo Finance · Aug 22
Klingbeil Pushes EU-Wide Oil Windfall Tax With 5 Ministers as Iran War Lifts Fuel Prices
3 articles · Updated · Yahoo Finance · Aug 22
Summary
Six EU finance ministers led by Germany's Lars Klingbeil urged the bloc to create a windfall tax on oil companies and put the issue on the mid-September finance ministers' agenda in Dublin.
A letter to Ireland, which holds the EU Council presidency, says the war in Iran has triggered one of the biggest supply shocks in decades and sharply boosted oil companies' profits.
Germany, Portugal, Spain, Austria, Italy and Poland argue existing government measures have not durably lowered or stabilized fuel costs for households and businesses.
The ministers want an EU-wide framework that captures excess profits more effectively and uses the proceeds to ease the broader cost-of-living strain across Europe.