Big oil companies are generating extraordinary profits while European families and businesses suffer from rising energy costs. For this reason, extra profits in the sector should be taxed to help the weakest sections of society. This is the proposal launched by MEP Pasquale Tridico of the 5 Star Movement.
“There is a huge amount of revenue generated by the six major oil companies, over 60 billion at current prices, while families and businesses suffer the effects of rising energy costs due to geopolitical tensions,” Tridico said during a press conference in the European Parliament on the sidelines of the EU Tax Symposium 2026, a European forum dedicated to the future of taxation, the fight against inequality and economic growth.
The European Commissioner for Taxation Wopke Hoekstra also attended the meeting. The discussion was framed in the context of the current energy situation: geopolitical tensions, particularly in major producing countries and along strategic routes such as the Strait of Hormuz, have contributed to rising energy prices, impacting families and businesses and accentuating economic inequalities.
