Greenpeace Study: Oil Companies Earn Generously from High Fuel Prices

According to an analysis commissioned by Greenpeace, oil companies have massively profited from the high fuel prices in Europe. The calculation by Hamburg energy expert Steffen Bukold, reported on in advance by Der Spiegel, showed a total of 3.3 billion euros for the companies, averaging 107 million euros per day since the start of the Russian invasion of Ukraine. By far, the highest profits were made in Germany, with an average of 38.2 million euros, followed by France (13.3 million), Italy (12.5 million), Spain (7.6 million), and Austria (4.3 million).

Above all, the hefty surcharge on diesel brought the companies an additional 94 million euros daily, whereas it was "only" 13 million euros for gasoline. Currently, diesel is still over five cents per liter more expensive than E10 gasoline. The additional revenues would lead to increased profits for the companies, even though natural gas has become more expensive in refineries. In return, Russian oil can be obtained at significant price discounts compared to the North Sea variety Brent.

The fuel price brake with a tax reduction of 14 cents on gasoline and 30 cents on diesel, decided by the German federal government at the urging of the FDP and with the approval of SPD Chancellor Olaf Scholz, would not reduce the industry's profits. The study warns that the opposite could happen, with prices not falling but margins increasing.

"The oil industry has been enriching itself at the expense of the climate for decades. Now it turns out that the oil companies are shamelessly ripping us off in the middle of a terrible war," said Martin Kaiser, the executive director of Greenpeace Germany, to the media.

The NGO appealed that European governments should use a short-term tax to skim off the companies' profits and use the money to support low-income households with rising energy costs. Additionally, the EU Commission must accelerate the decarbonization of the transport sector. The goal should be to stop selling vehicles with internal combustion engines from 2028. So far, this is only planned for 2035.