As the EU grapples with the aftermath of Russia’s invasion of Ukraine, a significant revenue stream has emerged from an unexpected quarter: the fossil fuel industry. Analysis on behalf of Transport & Environment (T&E) reveals that fossil fuel companies have amassed over €180 billion in taxable profits in the two years following the geopolitical upheaval. This windfall, largely attributed to the ensuing energy price spikes, has sparked a heated debate on whether taxing these excess profits could offer a panacea to the EU's energy crisis. The call for action is clear: T&E advocates for a stringent taxation of these profits to mitigate the impact of volatile energy prices on European consumers. The rationale is straightforward — by redirecting some of this revenue towards consumer relief and investing in sustainable energy infrastructure, the EU could significantly reduce its exposure to future energy price volatilities. Moreover, such measures could accelerate the bloc's transition towards renewable energy sources, aligning with its ambitious carbon neutrality goals. This proposition isn't merely about financial redistribution; it's a strategic move towards energy independence. The EU's reliance on fossil fuel imports has been a double-edged sword, providing energy security on one hand but leaving it vulnerable to geopolitical tensions on the other. By taxing fossil fuel profits, the EU could fund its pivot away from this precarious dependency towards a more sustainable and autonomous energy ecosystem. However, the proposal is not without its detractors. Critics argue that such taxes could deter investment in the energy sector, potentially hampering supply and leading to even higher prices. The balance between penalizing windfall profits and maintaining a conducive environment for energy investment presents a complex challenge for EU policymakers. In essence, taxing fossil fuel profits offers a compelling albeit controversial solution to the EU's energy crisis. It promises not only to shield consumers from price spikes but also to catalyze the shift towards a greener, more resilient energy future. As the debate unfolds, the EU stands at a crossroads, with the path it chooses likely to have profound implications for its energy landscape for decades to come.