EU’s €25 bn windfall tax on oil and gas does not cover the nearly €30 bn in taxpayer-funded cuts to fuel duty, which has propped up demand for oil / The expected revenues from the EU’s windfall tax will not even cover the €29 billion oil companies benefit from in the form of fuel duty cuts[1], new Transport & Environment (T&E) analysis shows. In a year when oil companies have already earned nearly €70 billion in profits [2], T&E has called on governments to end fuel subsidies that are filling the pockets of oil majors and to tax them more. (....)