Rising profits of American refineries have reignited the debate on taxing "superprofits." The profits of American refineries have increased fourfold since the beginning of the war in the Middle East. According to the Financial Times, the eight independent refining companies listed on the stock exchange in the United States are expected to report cumulative profits of 28.8 billion euros (32.4 billion dollars) over the past six months, four times higher than the same period last year (6.05 billion euros). Major oil companies such as ExxonMobil and Chevron are also making substantial profits. The price of their raw material, crude oil, has risen significantly, but less than their refining margins, which have reached record levels, as the supply of petroleum products has been reduced by the war in the Middle East and bombings against refineries in Russia.
In this context, American refineries are operating at full capacity. Europe has particularly turned to the United States to supply refined products, especially diesel, due to a lack of facilities on its own soil. According to the Commission, 50% of the diesel imported by European Union members in August came from the United States. Rystad Energy notes that American sites refined 17.4 million barrels of oil per day in August, a record not seen in five years. Refineries have been operating at 95% of their capacity for 15 weeks, the highest level since 1998, according to the firm. These tensions have caused fuel prices, especially diesel, to rise, with an average price of 6.4 dollars per gallon (3.8 liters), compared to 2.5 dollars before the war, leading to an additional cost of more than 109 billion euros for American consumers, according to calculations by researchers at Brown University.
Similarly, in France, the price of diesel averaged 2.36 euros per liter this Friday, compared to less than 1.70 euros before the offensive by the United States and Israel against Iran in late February. In France as well, refining margins have increased significantly. According to data from the Ministry of Ecological Transition, the gross refining margin increased from 78 euros per ton at the end of September 2025 to 242 euros one year later, a more than threefold increase. This has reignited the political debate on "superprofits." The left is demanding an exceptional tax on the profits of oil companies, while Jean-Luc Mélenchon proposes directly blocking the margins of refineries. The government does not rule out the principle of a tax but France has not joined the initiative, notably led by Germany, Spain, and Italy, in favor of a European tax on exceptional profits in the sector.
Strong pressure on Donald Trump. In the United States, the Democratic Party is demanding an additional tax on the profits made by refineries and oil companies, as some European governments, including Germany, have done. Across the Atlantic, some members of the Republican camp, that of Donald Trump, are instead advocating a ban on the export of American diesel in order to reduce demand and thus ease prices in the United States. As the mid-term elections approach, the issue is explosive. Across the Atlantic, diesel is the fuel for trucks and tractors, and the pressure is strong in the most rural American states. At this stage, the Trump administration is choosing rather to strongly encourage European countries, particularly France and Germany, to release part of their diesel reserves. This Friday, the American Treasury Minister Scott Bessent called on Europeans to put "immediately" diesel on the market to counter the surge in fuel prices. According to the agency Reuters, France has therefore proposed to release 50 million barrels of diesel in Europe and 50 million barrels of crude oil within the countries members of the International Energy Agency.
Rising Refinery Profits Spark Debate Over Taxation and Fuel Prices
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