Exxon sues EU in bid to block windfall tax

The lawsuit is a major response to the tax from the oil industry that has reaped record profits this year as western governments have sought to bring down skyrocketing consumer energy bills. — Reuters

HOUSTON: Exxon Mobil Corp is suing the European Union (EU) in a push to eliminate a new windfall tax against oil groups, arguing the bloc does not have legal authority to impose the levy.

The lawsuit is a major response to the tax from the oil industry that has reaped record profits this year as western governments have sought to bring down skyrocketing consumer energy bills.