Taxing Oil Profits Could Help Fund Energy Transition
A U.S.-Israeli military strike on Iran in late February has sent oil and gas prices climbing worldwide. Energy companies posted sharply higher earnings in the first quarter of 2026, and analysts expect the windfall to continue. Advocacy groups are renewing calls for governments to tax the gains and direct the revenue toward clean energy and household relief. BP reported first-quarter earnings of $3.2 billion, ahead of analyst projections of $2.63 billion. The company's stock climbed 2.5% when results were released. TotalEnergies reported Q1 profit of $5.4 billion, a 29% increase on the prior year. ExxonMobil's Q1 figures were comparatively lower,…
