Oil Companies Set to Make €24 Billion in Excess Profits from European Drivers This Year - CleanTechnica

Oil companies are projected to earn €24 billion in excess profits from European drivers in 2024, largely driven by price spikes following the recent Middle East conflict. According to Transport & Environment (T&E), these windfall gains have already reached €1.3 billion this year. The surge in oil prices, notably after the US-Israeli attack on Iran in late February, caused fuel prices in the EU to rise sharply, with diesel reaching €2.06 per litre and petrol €1.89 per litre by late March. This translates to significantly higher costs for consumers, with a full diesel tank costing nearly €27 more than before the conflict. T&E urges the European Union to reinstate its 33% excess profits tax on fossil fuel companies—originally introduced in 2022—which targets profits exceeding 20% above the 2018-2021 average and previously raised around €28 billion. The organization advocates using these tax revenues to fund investments in electrification and renewable energy,