Five European Union countries are calling for a windfall tax on energy companies' profits in reaction to rising fuel prices due to the Iran war, according to a letter from finance ministers to the EU Commission. In the letter, addressed to EU Climate Commissioner Wopke Hoekstra, the ministers pointed to a similar emergency tax in 2022 to address high energy prices. They included an EU-wide cap on gas prices, a tax on energy companies' windfall profits, and targets to curb gas demand. Europe's heavy reliance on imported fuel leaves it exposed to the Middle East conflict's impact on global energy prices. EU Energy Commissioner Dan Jorgensen said Brussels was particularly concerned in the short term about Europe's supply of refined petroleum products such as jet fuel and diesel.

Source: Irish Examiner April 05, 2026 14:55 UTC