Each week, Alternatives Economiques selects four graphics that shed light differently on current events.
In this new edition of “graphorama”, we see that just one month of war in the Middle East was enough for TotalEnergies to return to superprofits. The number of students per class in kindergarten and primary school in France is much higher than in neighboring countries. Europe is warming twice as fast as the rest of the world. Companies are paying much less the “Macron bonus” since it became taxable.
1. The return of the era of superprofits for TotalEnergies
If we reconsider the arguments in favor of taxing superprofits, TotalEnergies’ results for the first three months of 2026 show that the French oil major has indeed benefited from the crisis in Iran. Their profits increased by almost 50% compared to the previous quarter, reaching $5.8 billion. This comes despite the fact that only the month of March saw high oil prices due to the bombings in Israel and the United States starting on February 28.
This marks the beginning of a new era of superprofits, similar to the inflationary surge of 2022-2023 linked to the war in Ukraine. While pump prices soar following global oil market fluctuations, production costs for oil companies remain stable, leading to soaring profits.
Reacting to TotalEnergies’ strong financial position and the announcement of a dividend increase of over 6% for shareholders, the Prime Minister was compelled to comment on these figures, stating that “if there are exceptional results, TotalEnergies must find a way to redistribute.” However, he refused to engage in “Total bashing” and did not announce any concrete measures.
France did not join the call from five European countries – Germany, Spain, Italy, Portugal, and Austria – to tax profits from the sector, even though this issue is transnational. These windfall profits are mainly tied to extraction activities in non-European producer countries. The other transnational dimension lies in the widespread fiscal avoidance practices of the sector.
2. France has significantly more students per class than its European neighbors
By 2035, there will be 1.7 million fewer students in the French education system, a 14% decrease. France is among the wealthy countries with the highest number of students per teacher: 22 in kindergarten and 18 in primary school. Only the United Kingdom fares worse. In other European countries, conditions are better, with an average of 13 students per class in primary school and only 11 in kindergarten.
These poor learning conditions in France partly explain the low educational performance of young French people in international assessments, as well as the impact of social inequalities on academic results. Instead of correcting these issues, there is a temptation for the ministry to make savings by taking advantage of the declining student numbers.
3. Europe is the continent warming at the fastest rate
Europe is the continent warming at the fastest rate globally, as highlighted by the European Center for Medium-Range Weather Forecasts and the World Meteorological Organization in their 2025 climate report. The rapid warming is evident in various regions, including record heatwaves, melting ice in the Arctic, and devastating wildfires. This poses significant challenges and emphasizes the need for action in the face of worsening effects each year.
4. Since it has become (slightly) taxable, the Macron bonus is less popular
The number of beneficiaries of the Macron bonus has significantly decreased due to changes in taxation. Initially fully exempt from taxes, the bonus is now subject to social contributions for employers and income tax for most recipients. While the government stipulates that the bonus cannot replace salary increases, many companies have favored this tax-exempt bonus over salary hikes, leading to detrimental effects on wage increases and public finances.
Justin Delépine Laurent Jeanneau Antoine de Ravignan Vincent Grimault
