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Exxon Sues EU in Bid to Block Windfall Tax Against Oil Companies

  • Lawsuit is major response from oil industry against new levy
  • Exxon says tax would hurt investment, not lower consumer bills
Exxon Gas Stations Ahead Of Earnings Figures
Photographer: David Paul Morris/Bloomberg

Exxon Mobil Corp. is suing the European Union in a push to eliminate a new windfall tax against oil groups, arguing the bloc does not have legal authority to impose the levy.

The lawsuit is a major response to the tax from the oil industry that has reaped record profits this year as western governments have sought to bring down skyrocketing consumer energy bills following Russia’s invasion of Ukraine. The action could jeopardize the tax, which would raise billions to bring down consumer energy costs.