T&E demands a permanent tax on the surplus profits of oil companies

Image: BP

According to an analysis by the environmental organization Transport & Environment (T&E), eight oil companies in Europe generated total surplus profits of 7.5 billion euros in the first half of 2026. At the same time, oil prices rose significantly again. T&E therefore calls for permanent taxation of such surplus profits and intends to use the revenues to reduce drivers' dependence on volatile fossil fuel prices — particularly by promoting electric vehicles.

Six of the eight companies examined—BP, Shell, Eni, Orlen, Repsol, and OMV—increased their EU profits in the second quarter of 2026 compared to the same period last year, more than doubling. This is attributed to volatility in the Middle East. TotalEnergies and Moeve also achieved “solid profits” according to the study.

Since oil companies can shift profits across different legal jurisdictions, the T&E analysis does not consider where the profits are recorded. Instead, group-wide profits are allocated to the 27 EU countries based on sales reported per country. Poland had the highest surplus profits, followed by Spain, Germany, and France.

Worldwide, the eight companies generated approximately 17.9 billion euros in surplus profits in the first two quarters. The EU’s share accounted for around 42 percent of this total. BP and Shell derive the majority of their revenue outside the EU.

"This must be the last oil crisis"

"Oil giants are giving up on green energy while car drivers pay the price for their record profits. It’s unfair when Europe is burning," says T&E director Antony Froggatt. He calls for taxing the surplus profits of oil companies and using the proceeds to make "electric driving accessible to everyone." "This must be the last oil crisis," says Froggatt.

Countries with higher shares of electric vehicles are significantly less affected by higher prices, according to T&E. In Denmark, the share of fully electric vehicles is around 19 percent, while in Poland it is less than 1 percent.

Preliminary studies by T&E found that the Iran conflict affects gasoline drivers five times more than electric vehicle owners. A survey commissioned by the environmental organization and other NGOs revealed broad support for a tax on excess profits. The vast majority of Europeans, therefore, favor such a levy.

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About the author

Thomas Langenbucher is an expert in electromobility with professional experience in the automotive industry and finance sector. Since 2011, he has been covering electric vehicles, sustainable technologies, and mobility solutions for ecomento.de. Learn more.

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