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 major oil companies like ExxonMobil and Chevron report record profits (Q2 net income: Exxon $14.5 billion, Chevron $12 billion) and U.S. gasoline prices average $4.06 per gallon, a significant source of voter discontent ahead of November's midterm elections. The bill aims to treat overseas fossil fuel profits the same as other foreign business income and prevent misclassification of payments to foreign governments to reduce U.S. tax liability.