Oil majors earn $30m/hr from Iran war, EU eyes tax
SkimNews Take
Two of the three top earners are state-owned national oil companies outside the EU, meaning a windfall tax would mainly capture revenues from Western majors like ExxonMobil while the largest beneficiaries — Saudi Aramco and Gazprom — remain beyond its reach.
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- Oil and gas companies earned more than $30 million per hour in unearned profit during the first month of the US‑Israeli war in Iran, according to a Guardian analysis using Rystad Energy data.
- Saudi Aramco is projected to make $25.5 billion in war profit in 2026 if oil stays at $100 a barrel, making it the biggest beneficiary.
- Gazprom (along with Rosneft and Lukoil) stands to earn $23.9 billion in Iran‑related war profits by year‑end, boosting Russia’s war finance.
- ExxonMobil could capture $11 billion in unearned war profit in 2026 if the $100 price endures.
- European finance ministers (Germany, Spain, Italy, Portugal and Austria) have asked the EU Commission to consider a windfall tax to help consumers and curb inflation.
- Simon Stiell (UN climate chief) warned that fossil‑fuel dependency threatens national security and urged renewable energy as a buffer against price spikes.
- Renewable energy in the UK avoided £1 billion of gas imports in March, showing how clean power can shield consumers from oil price shocks.
Why it matters: Oil majors and state‑owned firms such as Saudi Aramco, Gazprom and ExxonMobil pocket billions of dollars in windfall profit, while consumers shoulder higher fuel bills and governments see reduced tax revenue; EU ministers are pushing a windfall tax to redirect part of the $23 bn monthly gain to relief and inflation control.
