EU Should Consider Windfall Tax on Oil Companies, Juncker Says

European finance ministers should consider imposing a windfall tax on oil companies benefiting from record prices that are cutting consumers’ purchasing power, Luxembourg Prime Minister Jean-Claude Juncker said.

The price of oil has jumped 43 percent in the past year, reaching a record $75.35 last month. That’s pushing up fuel bills for consumers throughout Europe and eating into their ability to spend.