Story perspectives

EU ministers push windfall tax after €7.5B oil profits

By Drooid · Sep 18, 2026, 11:44 PM UTC · How we work

Summary

Story summary

EU finance ministers met in Dublin to discuss a windfall tax on energy firms.
German Finance Minister Lars Klingbeil urged Commission to propose a tax on excess oil profits.
Germany, Spain, Portugal, Italy, Poland and Austria asked EU to debate a windfall tax.
Eight oil companies earned €7.5 billion profits in H1 2026, Transport and Environment reported.
Tánaiste Simon Harris will facilitate levy debate with Eurogroup ministers during Ireland’s EU Council presidency.

History

Historical Context

Congress and the Carter Administration enacted the 1980 Crude Oil Windfall Profit Tax, an excise charge on domestic oil above a 1979 base price. It produced about $40 billion net revenue—far short of the $175 billion forecast—and lowered U.S. output 1–5% while raising imports 3–13%. After its 1988 repeal by President Ronald Reagan, the tax serves as a benchmark for European measures such as Dutch 33% levy.

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Story summary

EU finance ministers met in Dublin to discuss a windfall tax on energy firms.
German Finance Minister Lars Klingbeil urged Commission to propose a tax on excess oil profits.
Germany, Spain, Portugal, Italy, Poland and Austria asked EU to debate a windfall tax.
Eight oil companies earned €7.5 billion profits in H1 2026, Transport and Environment reported.
Tánaiste Simon Harris will facilitate levy debate with Eurogroup ministers during Ireland’s EU Council presidency.

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