Exxon is suing the EU over a windfall tax. Shell announces record profits and all the rest will also do so. Meanwhile across the world inflation is hitting the poorest members of society. Surely the answer is to set a price cap for these industries across the developed world. How about a profit margin of e.g. 4% gross. With exemptions for fossil free energy production. Prices could be fixed like bank rates at bi-monthly meetings based on average prices. This would have the added advantage of giving haulage companies a degree of certainty. The companies will squeal but are they not very similar to the utility companies which have similar provisions? Prices at the pumps vary little between supermarkets.
Capitalism does not like price fixing, however rampant extortion on this scale means it is essential. The CAP of the EU enabled farmers to have fixed returns on investments and led to the thriving production across Europe. I acknowledge some negative impacts in LEDC’s.