Europe is in the grip of another energy crisis. Whether you’re a single parent in Poland, a student in Italy, or looking for work in Denmark, you’ve felt it: the sharp rise in the cost of heating your home, filling your car, or even putting food on the table. The reason? The reckless Iran war, escalated by Trump and Netanyahu, has sent oil and gas prices soaring – again.
The big winners? Big oil and gas companies, their CEOs, and speculating billionaires, who are raking in record profits while ordinary people struggle. The solution is clear: Europe must impose a strong windfall profits tax on these excessive profits and use the money to fund home-grown renewable energy and support families across Europe.
The human cost of oil wars: Why our dependence fuels conflict
First and foremost, the war in Iran is not just about energy prices, it is a human catastrophe. Thousands of civilians have been killed, families torn apart, and entire cities reduced to rubble. Children who should be in school are instead fleeing for their lives. Hospitals struggle to treat the wounded as supplies run out. This is the brutal reality of a conflict fueled by geopolitical greed and the world’s insatiable appetite for oil and gas.
Wars in oil-rich regions are becoming more frequent, not less. From Iraq to Libya, from Ukraine to Yemen, the pattern is clear: where there are fossil fuels, there is conflict. Our dependence on oil and gas from unstable and authoritarian regimes doesn’t just make us vulnerable to price shocks – it directly funds wars, arms races, and human rights abuses. Our greed for cheap energy has turned entire regions into battlegrounds, with ordinary people paying the price in blood and suffering.
This cycle must end. Every euro spent on fossil fuels from conflict zones is a euro that prolongs war and suffering. By taxing excessive profits and investing in renewables, we can cut off the funding that keeps these wars going. We could finally build a future where energy doesn’t come at the cost of human lives.
The Iran War and Europe’s energy shock
Since the outbreak of the Iran war in late February 2026, energy prices in Europe have spiked dramatically. Oil prices jumped by 8% and gas prices by 20% in just days – and they’ve kept climbing. The closure of the Strait of Hormuz and attacks on energy infrastructure have disrupted global supplies, pushing European gas prices to nearly double by mid-March.
This isn’t just a temporary blip. The European Commission warns that prices won’t return to normal any time soon, even if the war ends tomorrow. The economic fallout is already severe: the European Central Bank has delayed interest rate cuts, inflation is rising, and major economies like Germany and Italy face recession.Europe is spending billions more on fossil fuel imports – money that flows straight to authoritarian regimes and war profiteers. At the end of March, 30 days after the start of the war, the EU has spent an extra €14 billion on fossil fuels, on top of the usual €400 billion annual. Meanwhile, US oil companies alone are set to make over €56 billion extra this year if prices stay high.
Europe’s dangerous dependence on fossil fuels
Despite progress in renewable energy, Europe still imports 67% of its energy as oil and petroleum products, and 24% as natural gas – mostly from Norway, the US, and Algeria. This dependence leaves us vulnerable to price shocks, geopolitical blackmail, and supply disruptions.
The Iran war has exposed a harsh truth: Europe’s energy security is still held hostage by fossil fuels. The blockade of the Strait of Hormuz and the suspension of Qatari LNG shipments have forced Europe to compete for scarce supplies on the global market, driving up costs for everyone.
Big Oil’s billion-dollar windfall
While families and small businesses struggle, fossil fuel giants are making record profits. ExxonMobil, Chevron, Shell, and BP have seen their share prices and profits soar since the war began. In 2024, the five largest oil companies made over $100 billion in profits – with even higher excessive profits (windfalls) expected in 2026 as prices rise.
A windfall profit is an unexpected, large financial gain that a company or individual receives due to external events (like war, crises, or market shocks) rather than their own efforts. It’s called a “windfall” because, like fruit blown from a tree by the wind, the money seems to fall into their laps by luck, not skill.
This is not just unfair, it’s unsustainable. The crisis is being used to line the pockets of polluters, not to protect people or the planet.
The solution: A strong windfall profits tax
We, the Greens/EFA in the European Parliament are calling for a windfall profits tax of at least 50%, based on the average profits of recent years. Here’s how it would work:
- Immediate relief for people
Part of the tax revenue would go directly to helping households and small businesses cope with soaring energy bills. This is common sense: when companies make unexpected profits from a crisis, they should contribute to easing the burden on those who are suffering. - Accelerate the shift to renewables
The rest of the money should fund wind and solar projects, energy efficiency, home insulation, battery storage, and grid upgrades. This is the only durable solution to free Europe from the cycle of energy crises and high prices. - Break free from fossil fuel dependence
By investing in renewables and energy efficiency, we can reduce our reliance on imported fossil fuels and shield ourselves from future price shocks. Wind and solar already generate more electricity than fossil fuels in 14 EU countries, we need to build on this success.
Why current EU measures fall short
So far, the European Commission’s response has been inadequate. Proposals like lowering carbon prices or capping energy costs mostly benefit big, energy-intensive industries, while offering limited relief to vulnerable households and small businesses. These short-term fixes don’t address the root cause: Europe’s addiction to imported fossil fuels.
Worse, some governments are pushing to weaken the EU Emissions Trading System (ETS), which would reward polluters and slow down the transition to clean energy.
Sign the petition
And demand that the European Commission introduce a strong windfall profits tax to fund renewables and lower bills for all.
A turning point for Europe
This crisis is a turning point. We can either continue to fund war profiteers and authoritarian regimes, or we can take back control of our energy future.
A strong windfall tax is the first step. It’s time for the European Commission to act:
- Tax excessive profits at least 50% and use the money to fund renewables and support people.
- Accelerate investments in wind, solar, and energy efficiency to cut bills and reduce dependence on fossil fuels.
- Empower citizen energy communities so that people, not corporations, control their energy supply.
