EU ministers to discuss taxing windfall profits of energy companies as oil prices surge
XLE•EU ministers to weigh windfall tax discussion
European Union finance ministers will discuss on Friday whether to impose an EU-wide windfall tax on energy companies benefiting from a surge in oil and gas prices following the closure of the Strait of Hormuz, with further talks expected in October.
Pressure from member states over rising energy profits
The debate was triggered in late August when the finance ministers of Germany, Spain, Portugal, Italy, Poland and Austria warned that consumers were facing one of the biggest oil supply shocks in decades, fuelling voter discontent over rising living costs. Parliamentary elections are due next year in France, Italy, Spain, Poland, Greece, Finland, Slovakia and Estonia.
