{"id":46137,"date":"2022-04-07T06:30:00","date_gmt":"2022-04-07T04:30:00","guid":{"rendered":"https:\/\/www.greenpeace.org\/eu-unit\/?p=46137"},"modified":"2022-04-06T21:41:56","modified_gmt":"2022-04-06T19:41:56","slug":"oil-industry-pockets-3-billion-in-eu-profits-at-the-pump-since-invasion-of-ukraine","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/eu-unit\/issues\/climate-energy\/46137\/oil-industry-pockets-3-billion-in-eu-profits-at-the-pump-since-invasion-of-ukraine\/","title":{"rendered":"Oil industry pockets \u20ac3 billion in EU profits at the pump since invasion of Ukraine"},"content":{"rendered":"\n

Oil companies drive up fuel prices on the back of Ukraine war and energy crisis<\/strong><\/h3>\n\n

Greenpeace calls on EU governments to tax windfall profits and investigate price fixing<\/strong><\/h3>\n\n
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Greenpeace activists from Denmark, Sweden, Norway, Finland and Russia blockade a shipment of Russian oil at sea in northern Denmark on 31 March.<\/figcaption><\/figure>\n\n

Brussels<\/strong> <\/em>\u2013 Oil companies have made about \u20ac3 billion in profits through the sale of diesel and petrol in Europe since the beginning of Russia\u2019s invasion of Ukraine, new research<\/a> commissioned by Greenpeace CEE shows.<\/p>\n\n

In March alone, the oil industry raked in an average of \u20ac107 million extra in daily revenues from ramped up prices \u2013 \u20ac94 million from the sale of diesel, and \u20ac13 million from petrol [1] \u2013 as consumers across Europe were hit by unprecedented price hikes at the petrol pump. <\/p>\n\n

Klara Maria Schenk, climate and transport campaigner for Greenpeace Central Eastern Europe<\/strong>, said: <\/strong>\u201cWhile millions of Europeans struggle with sky-high fuel and energy costs, the oil industry is driving up prices to reel in record profits on the back of the war and the ongoing energy crisis. The increase of crude oil prices doesn\u2019t justify price hikes along the supply chain and at the pump. We call on European governments to stop this shameless profiteering from Ukraine\u2019s suffering and impose taxes on these immoral profits. The revenues from these taxes should be used to help households with limited means meet their needs, and accelerate the transition of our oil-addicted transportat<\/em>ion sector into a mobility system that serves the planet and people.\u201d <\/em><\/p>\n\n

While crude oil prices between January and March increased by about 19.38 cents\/litre, the prices increased more significantly for diesel refinery products (by 30-31 cents\/litre) and diesel at the filling station (by 36.52 cents\/litre). The gasoline\/petrol value chain shows a similar, albeit weaker, trend. These substantial revenue margins clearly show how the oil industry has exploited the crisis by driving up prices along the supply chain, while their average cost base has not changed significantly.<\/p>\n\n

Greenpeace calls on EU governments to tax windfall profits<\/strong><\/p>\n\n

In a reaction to Russia\u2019s invasion of Ukraine, the European Commission has allowed governments to temporarily tax the windfall profits<\/a> made by the energy sector, but has largely turned a blind eye to the oil sector. So far only a few countries have made use of this, but have focused mostly on additional profits in the gas and electricity market. EU governments must now extend the taxation of crisis profits to the oil industry.<\/p>\n\n

EU Commission & governments must investigate potential price fixing<\/strong><\/p>\n\n

Following record fuel price hikes in March, Germany<\/a> and Austria<\/a> have launched investigations into potential cartel agreements and price fixing. The European Commission has since raided several companies in Germany<\/a>, although so far this has only focused on gas companies. Greenpeace calls on the Commission to also investigate the recent increase of diesel and refined gasoline and petrol prices across the EU.<\/p>\n\n

Transformation of transport system can end dependence on toxic oil<\/strong><\/p>\n\n

Meanwhile, the Commission is expected to release a plan to reduce Europe\u2019s dependence on Russian fossil fuels in May \u2013 known as REPowerEU<\/a>\u2013 but an early draft completely ignores the transport sector, which consumes two thirds of the oil<\/a> in the EU. To rid Europe of its dependency on fossil fuels, the EU must turn its attention to the transport sector and introduce measures to accelerate its decarbonisation, starting with an end to short-haul and business flights with train alternatives, boosting public and rail transport, and phasing out fossil fuel-powered cars. <\/p>\n\n

Notes:<\/strong><\/p>\n\n