
May 5, 2026 -As U.S. gas prices soar to their highest levels in four years, it’s becoming clear that the war in Iran has been very profitable for oil and gas companies. BP boasted about “exceptional” performance in the first quarter of this year, and TotalEnergies, which is based in France, announced $5.4 billion in net profits, Patricia Cohen reported last week.
Now, the finance ministers of a handful of European countries, including Germany and Italy, along with a few Democrats in the Senate, are calling for windfall taxes on the war-related gains of oil and gas companies. These excess profits are the result of the war in Iran, the argument goes, as opposed to savvy business decisions, and should be taxed more. Governments could then use the proceeds to send money back to consumers saddled with high energy bills or invest in renewable energy sources.