Heinrich Bill Targets Tax Breaks for Overseas Oil Production Amid Trump Criticism

US Senator Martin Heinrich is set to introduce a bill that would eliminate tax breaks for US oil and gas companies operating overseas, despite making massive profits amid the Iran conflict. The proposed legislation comes after President Donald Trump criticized major US oil and gas producers, saying they are 'making too much money' and should 'give some of that back to the public'. According to Heinrich's office, the bill would treat overseas fossil fuel profits the same as other foreign business income, eliminating preferential tax treatment.

The move is aimed at putting US energy development on an even playing field with Middle Eastern countries. 'Oil majors shouldn't get a tax break for going overseas to produce energy, but that's essentially what our current tax policy does,' Heinrich said. He added that companies like ExxonMobil and Chevron can afford to pay their fair share of taxes.

The bill would also close tax code provisions that allow companies to generate additional foreign tax credits from shale oil and tar sands development by including them as combined foreign oil and gas income. This is in response to major oil and gas companies posting massive second-quarter profits last week, with Chevron's net income spiking 400% and Exxon posting a profit of $14.5 billion.