Europe Is Making Big Oil Pay More Of Its Own Way. Canada Should Too

“Since Canada is already building closer ties with Europe, let’s borrow a page from their playbook (by) taxing Big Oil’s windfall profits.”

News from the non-profit public interest group, Canadians For Tax Fairness

Posted October 2^nd, 2026 on Niagara At Large

With fuel prices at all-time highs and elections on the horizon, European leaders are setting their sights on taxing Big Oil’s historic profits to bring everyday people some relief.

With oil back over $100 a barrel — 50% more than before Trump’s Iran war — eight EU countries, including France, Italy, and Spain, are scrambling to ease pain at the pump before voters head to the polls.

From coast to coast to coast, Canadians are feeling the same squeeze at the pump while Big Oil rakes in $90 billion in excess profits. Even after the Iran war ends (whenever that happens), industry analysts say it will take over a year for gas prices to return to pre-war levels.

And who’s collecting? Canada’s big four oil companies are 73% foreign-owned, and 60% American-owned. That means those profits aren’t going to invest in Canadian communities because most of the money isn’t even staying in Canada.

Since Canada is already building closer ties with Europe, let’s borrow a page from their playbook. Taxing Big Oil’s windfall profits would generate $46 billion to:

1. – Pay Canadians back for the high cost of fuel
2. – Fund green and renewable energy
3. – Cushion consumers against the next oil price spike

TAKE ACTION: Tell Ottawa it’s time for a windfall tax on Big Oil!

[SIGN THE PETITION](https://www.taxfairness.ca/civicrm/mailing/url?u=8790&qid=2944208)

https://www.taxfairness.ca/civicrm/mailing/url?u=8783&qid=2944208

• Cathy Feng, Canadians for Tax Fairness

For more on Canadians for Tax Fairness, click on – [taxfairness.ca](https://www.taxfairness.ca/civicrm/mailing/url?u=8784&qid=2944208)

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