(Finance) – The US oil company ExxonMobil sued theEuropean Union arguing that the Brussels institutions do not have the legal power to impose a new tax on oil groups for extra profits due to the energy crisis. As reported by the Financial Times, which was the first to break the news, this is the most significant action undertaken so far by the oil industry to counter thetax which is being applied in all the countries of the Union to lighten the bills of businesses and households. According to Commission European the tax would generate revenue for the Member States’ coffers of approx 25 billion euros.
Exxon has announced that thelegal action was brought by its German and Dutch branches before the European Court in Luxembourg. Casey Nortona spokesman for Exxon, explained to the British newspaper that the oil company acknowledges that high energy costs “were a heavy burden on households and businesses”, but argued that the levy is “counterproductive” and “would undermine investor confidence, discourage investments and would increase the dependence on imported energy”.
Exxon, Norton added, was now considering “future investments multi-billionaires” on the continent. “Whether we invest here depends mainly on how attractive and globally competitive Europe will be,” he added.