6 countries requested to tax energy companies more; the EU said no

WHAT HAPPENED

Germany, Spain, Portugal, Italy, Poland, and Austria requested a common EU tax on the extra profits of oil and gas companies. The European Commission said it will not propose it for now, although each country can act on its own.

WHY IT MATTERS

The conflict between Israel/United States and Iran has halted ships in the Strait of Hormuz, through which nearly one-fifth of the world's oil passes. More expensive crude has raised energy profits and also puts pressure on gasoline, heating, transportation, and food.

AND FOR YOUR PORTFOLIO

Without a common European tax, there is no shared fund to help lower the cost of gasoline or gas. Spain and Portugal could charge it nationally, but it would depend on their Parliaments and take longer.