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A Senate Democrat will introduce a bill to strip oil companies' overseas tax breaks

The legislation targets preferential tax treatment for overseas oil and gas extraction income as U.S. pump prices top $4 a gallon

Anna Moneymaker / Getty Images

Sen. Martin Heinrich plans to introduce a bill that would strip U.S. oil and gas companies of tax advantages tied to their overseas operations, a move coming amid soaring industry profits driven by the ongoing U.S.-Iran war, according to CNBC.

Heinrich, a New Mexico Democrat who serves as the top Democrat on the Senate Energy and Natural Resources Committee, said the legislation would eliminate preferential tax treatment for overseas oil and gas extraction income, treating........

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