A new analysis by environmental group 350.org reports that the global rise in fuel and gas prices, driven by the ongoing Iran war, has caused an estimated $111 billion in losses to consumers and businesses within a month. The organization warned that major oil companies such as Chevron, Shell, and ExxonMobil could gain billions in additional profits from the crisis.

According to 350.org, imposing taxes on these windfall profits could help offset the economic impact of rising energy costs. The group noted that its estimate does not include indirect effects such as higher fertilizer and food prices, suggesting that the real economic damage may be significantly greater. It also cited examples of policy responses, including a proposed windfall tax in the Philippines, renewed export taxes in India, and Indonesia’s plan to install 100 gigawatts of solar power to strengthen energy independence.

The organization emphasized that investment in renewable energy could help stabilize global energy prices over time.