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EU Windfall Tax Would Deter Energy Supplies, ConocoPhillips Says

Ryan Lance

Ryan Lance

Photographer: F. Carter Smith/Bloomberg

Europe is “struggling with how to write the right policy” to respond to its energy crisis after Russia shut off gas supply to the region, according to the boss of US oil and gas producer ConocoPhillips.

“Some of what they’re talking about with the excess profits tax, it’s going to have the unintended consequences of reducing supply long term,” Chief Executive Officer Ryan Lance said in a Bloomberg Television interview Wednesday on the sidelines of a Barclays Plc conference in New York.