The daily business briefing: December 29, 2022

Exxon sues EU over windfall tax, China to begin re-issuing passports, and more

An Exxon sign at a gas station in California
(Image credit: David McNew/Getty Images)

1. Exxon sues EU over energy windfall tax

ExxonMobil is suing the European Union in an attempt to get the bloc to scrap its windfall tax on oil companies. Fossil-fuel companies such as Exxon have "raked in multibillion-dollar profits" in the months since Russia invaded Ukraine, disrupting the global energy market and sending household bills soaring, The New York Times explained. The EU's windfall tax, which is supposed to take effect Saturday, aims to "shield consumers from high energy prices" by applying a levy that kicks in when an oil company's profits go 20 percent above those averaged between 2018 and 2021, the Financial Times said. Exxon, which reported global profits of $20 billion for this year, argues the levy is "counterproductive." Its lawsuit is "the most significant response yet against the tax from the oil industry," the FT added.

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Jessica Hullinger

Jessica Hullinger is a writer and former deputy editor of The Week Digital. Originally from the American Midwest, she completed a degree in journalism at Indiana University Bloomington before relocating to New York City, where she pursued a career in media. After joining The Week as an intern in 2010, she served as the title’s audience development manager, senior editor and deputy editor, as well as a regular guest on “The Week Unwrapped” podcast. Her writing has featured in other publications including Popular Science, Fast Company, Fortune, and Self magazine, and she loves covering science and climate-related issues.