Heinrich Targets Overseas Tax Breaks for Big Oil Amid Iran Conflict

US Senator Martin Heinrich is proposing a bill to eliminate tax breaks for US oil and gas companies that operate overseas, citing massive profits during the Iran conflict. The bill would treat overseas fossil fuel profits as foreign business income, rather than giving preferential treatment. This move comes after President Donald Trump criticized major US oil and gas producers for making 'too much money' amid rising gasoline prices.

The current tax policy allows companies like ExxonMobil and Chevron to receive tax breaks for operating abroad, generating billions in profits per quarter. The proposed bill aims to close these loopholes, allowing the US government to collect a fair share of taxes from these companies.

The Iran conflict has driven up crude prices, with gas prices reaching $4.06 per gallon on Thursday. Major oil and gas companies posted significant profits last week, including Chevron's net income spiking to $12 billion, a 400% increase compared to the same period last year.