In the first half of 2026, eight major oil companies – according to estimates by Transport & Environment (T&E) – would have generated windfall profits of 7.5 billion euros in Europe. The record earnings of energy companies and soaring gasoline and diesel costs have prompted Italy and five other EU countries to ask Brussels to create a common regulatory framework for taxing extraordinary profits.
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Windfall profits
Windfall profits are earnings significantly above expectations that companies can quickly obtain due to a particular external event, such as a geopolitical crisis that causes a sudden price increase. In the case of oil companies, the event was the outbreak of the conflict between the United States and Iran with the US operation Epic Fury that began on February 28, which created a favorable market situation for energy sector companies. The companies’ profits grew significantly due to the surge in energy costs caused by tensions in the Middle East and restrictions on traffic in the Strait of Hormuz.
T&E states that the 7.5 billion euros in windfall profits attributable to the EU generated by the eight companies – Shell, BP, TotalEnergies, Eni, Orlen, Repsol, Omv, Moeve – would amount to 42% of the global total (just under 18 billion: 3.7 billion euros in the first quarter and 14.2 billion in the second). Of these, 1.6 billion euros were generated in the first quarter (which included only one month of war) and 5.9 billion in the second quarter (the first full war quarter).
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The EU’s position
The Economy and Finance Ministers of six EU countries – Italy, Austria, Germany, Poland, Portugal, and Spain – have therefore again asked the Council of the European Union, currently led by Ireland, to establish a common regulatory framework regarding the taxation of windfall profits of oil companies. A similar request was made by the same states – minus Poland – last April.
Pending the informal meeting of the Economy Ministers of the Twenty-Seven scheduled for September 18 and 19, the Union’s response, however, was clear: a Commission spokesperson clarified that this is a “national competence” and that member states can already act based on their respective laws, provided they comply with European law.
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