Senator Martin Heinrich, the top Democrat on the Senate Energy and Natural Resources Committee, will introduce a bill to eliminate tax breaks for U.S. oil and gas companies operating overseas. The proposal comes as the conflict with Iran has driven up oil prices and major groups like Chevron and ExxonMobil reported record profits in the second quarter, reaching $12 billion and $14.5 billion respectively, representing increases of nearly 400% and over 100% year-on-year. The average price of gasoline in the United States stood at $4.06 per gallon. President Trump also criticized U.S. oil majors for their excessive profits, urging them to return some of their gains to the public and reduce consumer prices.
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