Oil Companies Remain in EU Crosshairs

The European Commission wants companies that have made bumper profits from selling fossil fuels to contribute to a fund to help citizens and industries struggling with soaring prices according to a draft document seen by Reuters.

• According to the draft Oil, gas, coal and refining companies would make a contribution based on "taxable surplus profits made in the fiscal year 2022".
• "The solidarity contributions are justified by the fact that such companies make unpredictable surplus profits," the draft said.
• "Those profits do not correspond to any regular profit that these entities would or could have expected to obtain in normal circumstances," it said.
• "We acknowledge the need for concerted policy and other action to alleviate the energy price crisis in Europe and elsewhere. We're aware of the EU proposal for a ‘solidarity contribution’ and await further details from the Commission," a Shell spokesperson said on the matter.