Spain is subsidising the price of petrol. | Emilio Naranjo


It appears that Spain, not so long ago referred to as one of Europe’s PIGS, is the only country in Europe with some sense. It is subsidising the price of petrol at the pumps for drivers, has lapped a windfall tax on the major companies, in particular the fuel and energy sector while also making rail travel free from September 1 until at least the end of the year until the end of the year to help ease the cost of living.

Meanwhile, as people watch their pennies and cents, BP, for example, has reported a profit of $8.5 billion for its second quarter, its biggest windfall in 14 years, making it the latest oil giant to cash in on higher crude prices as Russia’s war in Ukraine disrupts global energy markets. Just days earlier, the two largest U.S. oil companies - ExxonMobil and Chevron - reported that their profits had roughly tripled in the second quarter, while London-based Shell and France’s TotalEnergies also reported blockbuster results. Second-quarter profits for those five companies now total more than $55 billion, marking a stunning turnaround from the early months of the pandemic.

It’s daylight robbery and a disgrace. If other European government are desperately looking down the back of the couch to try and find some more cash to ease the impact of runaway inflation, make the fuel companies pay. Come on.