{"database": "press", "table": "releases", "rows": [["https://www.heinrich.senate.gov/newsroom/press-releases/heinrich-introduces-legislation-ending-outdated-tax-breaks-for-oil-and-gas-companies-to-drill-overseas", "Heinrich Introduces Legislation Ending Outdated Tax Breaks for Oil and Gas Companies to Drill Overseas", "2026-08-07", "2026", "2026-08", "Democrat", "Senate", "NM", "Martin Heinrich", "H001046", "www.heinrich.senate.gov", "heinrich", "https://www.heinrich.senate.gov/newsroom/press-releases", "scraper", "WASHINGTON \u2013 Today, U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the U.S. Senate Energy and Natural Resources Committee, introduced the American Energy Independence & Tax Fairness Act, legislation to repeal outdated tax breaks that allow major oil and gas companies to reduce their U.S. tax obligations for overseas oil and gas production. The legislation would ensure the tax code no longer rewards companies for investing abroad instead of here at home, while strengthening American energy security and requiring some of the world\u2019s most profitable corporations to pay their fair share.\n\nThis legislation comes as the largest oil and gas companies continue to rake in record profits while American families feel the squeeze from rising energy costs. President Trump\u2019s reckless and costly war has driven up global oil prices and increased pressure on consumers at the pump, while outdated tax breaks continue to give some of the world\u2019s most profitable companies special treatment for overseas oil and gas production.\n\nRecent analysis by the FACT Coalition found that from 2017 to 2025, major U.S. oil companies paid $135 billion in foreign taxes while only paying $29 billion in U.S. taxes. At the same time, the oil and gas industry continues to report record profits. The disparity is driven by U.S. tax provisions that benefit overseas extraction. During this quarter, Exxon and Chevron alone reported more than $26 billion in combined net income, with Exxon doubling its profits and Chevron reporting one of its most profitable quarters ever.\n\n\"Oil majors shouldn\u2019t get a tax break for going overseas to produce energy, but that\u2019s essentially what our current tax policy does. That\u2019s where my American Energy Independence & Tax Fairness Act comes in. It will help put American energy development on an even playing field with energy development that\u2019s happening in the Middle East or anywhere else,\u201d said Heinrich. \u201cAt a time when oil majors are making billions in profits per quarter, they can afford to pay their fair share.\u201d\n\nHeinrich's American Energy Independence & Tax Fairness Act would:\n\nEliminate preferential tax treatment for foreign oil and gas extraction income, ensuring overseas fossil fuels profits are treated like other foreign business income under the U.S. tax code;\n\nClose loopholes that allow companies to generate additional foreign tax credits from shale oil and tar sands development;\n\nReform foreign tax credit rules to prevent oil and gas companies from misclassifying payments to foreign governments as taxes rather than royalties in order to reduce their U.S. tax liability.\n\nFor decades, the U.S. tax code included incentives to encourage overseas oil and gas production. Today, the United States is the world\u2019s leading oil and gas producer and a net exporter of fossil fuels. And these outdated tax provisions provide special treatment to some of the world\u2019s most profitable companies. By closing these loopholes, the legislation will strengthen American energy security, support domestic job creation, and help accelerate the transition to a more reliable and affordable energy future.\n\nA one-page factsheet of the bill is here.\n\nA section-by-section summary of the bill is here.\n\nThe full text of the bill is here.\n\nAs Ranking Member of the U.S. Senate Energy and Natural Resources Committee, Heinrich has repeatedly pressed the Trump administration to reverse policies that raise energy costs for working families, and hold corporations accountable, through hearings, oversight letters, and direct engagement with the Trump administration officials:\n\nIn June, Heinrich hosted a roundtable and discussed how the Trump administration\u2019s policies, including the war with Iran, have driven up energy costs for families, consumers, communities, and small businesses.\n\nIn May, Heinrich hosted a roundtable with local small business owners, Roadrunner Food Bank, and Women\u2019s Economic Self-Sufficiency Team, Corp. (WESST) to discuss how President Trump\u2019s global tariffs and war with Iran are making gas, groceries, and everyday essentials more expensive for New Mexico families and businesses.\n\nHeinrich also wrote to the CEOs of the six biggest U.S. airlines seeking information on the current economic conditions of the airline industry as President Trump\u2019s war in Iran continues, requesting that the airlines detail their plan to address rising jet fuel costs, and whether companies will cap or reduce executive compensation to help offset rising costs.\n\nFor more information on Heinrich\u2019s actions to hold President Trump accountable for his illegal, costly, and reckless war on Iran, click here.\n\nFor more information on Heinrich\u2019s work to lower energy costs for New Mexico families, click here.\n\nFor more information on Heinrich\u2019s work to combat President Trump\u2019s tariffs and lower the cost of groceries and everyday essentials, click here.", 1, "2026-08-08T05:41:38Z", "2026-08-08T05:43:24Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.heinrich.senate.gov/newsroom/press-releases/heinrich-introduces-legislation-ending-outdated-tax-breaks-for-oil-and-gas-companies-to-drill-overseas"], "units": {}, "query_ms": 2.72553414106369, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}