First Big Move to Punish USA Causes Uproar Among American Energy Giants | EU Exxon Mobil

Europe’s First Big Move to Punish USA Causes Uproar Among American Energy Giants | EU Exxon Mobil


This year, American oil and gas firms were the winners in Russia’s battle in Ukraine. These titans amassed billions of dollars as a result of price increases and disruptions in the world’s supply chains. It was clear that governments wouldn’t permit this party to continue for very long if they didn’t receive a piece for themselves. The European Union started taxing energy corporations on their earnings with this goal in mind. And now, one such US-based corporation is suing the bloc over these new levies, bringing the bloc into their crosshairs. Washington’s involvement has only increased the likelihood of the much-discussed trade war between the US and the EU.