Europe agrees to grease and fuel windfall tax amid ‘insane race’ to tame vitality disaster

Europe agrees to oil and gas windfall tax amid 'insane race' to tame energy crisis

CNN Business

EU governments agreed Friday to tax the windfall profits of oil and gas companies and to cap the revenues of some electricity generators as the cost of Europe’s energy crisis spirals higher.

But energy ministers from the 27 EU member states failed to reach an agreement on a proposal by the European Commission to impose a price cap on imports of Russian natural gas. The energy crisis has largely been sparked by Russia’s invasion of Ukraine

“We don’t yet have a consensus on this step,” Kadri Simson, the European Commission’s top energy official, said in a Friday press conference.

United Nations’ Secretary General António Guterres last week accused oil and gas giants of “feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns.” He urged rich economies to impose…