Greens are calling for excess profits tax for oil companies because of high fuel prices

In view of high fuel prices, the Greens are calling for the introduction of an excess profits tax for petroleum companies. “The oil companies are filling their pockets, while many families have to turn over every euro three times,” said Green party leader Katharina Dröge to “Bild”. "I have absolutely no understanding that the government is watching people in Germany being ripped off." To remedy the situation, she called for an excess profits tax.

According to the ADAC, the price level for fuel has been too high for weeks. The drivers are the recent increase in oil prices due to the Strait of Hormuz, which is effectively blocked by Iran, and the current drought in parts of Germany. Normally, the Rhine, among other things, plays an important role for the transport of oil and fuel on tankers. Because this is severely limited by the currently extremely low water levels, higher logistics costs are incurred.

Revenues are intended to finance reductions in electricity prices

Dröge complained that the federal government was inactive and that the task force it had set up had failed. “We need a quick and effective response to the excessive prices at gas stations (...),” Dröge continued. “The excess profits must now be taxed and returned to households in Germany through a reduction in electricity taxes,” she demanded. "In this way, people could get one or two monthly electricity bills back." In March, the coalition set up a task force to investigate rising fuel and energy prices as a result of the Iran war.

According to the “Bild” report, Dröge expects excess profits of more than eight billion euros by the end of the year if the trend continues. According to their plans, taxation could then bring in up to three billion euros.

A few days ago, the Prime Minister of Mecklenburg-Western Pomerania, Manuela Schwesig (SPD), called for an excess profits tax for mineral oil companies. In addition, SPD politicians spoke out in favor of curbing fuel prices. Economics Minister Katherina Reiche (CDU) rejects an excess profits tax, as well as the fuel price cap demanded by the SPD.