HEINRICH INTRODUCES LEGISLATION ENDING OUTDATED TAX BREAKS FOR OIL AND GAS COMPANIES TO DRILL OVERSEAS

WASHINGTON, Aug. 7 -- Sen. Martin Heinrich issued the following news release:

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and Natural Resources Committee, introduced the American Energy Independence & Tax Fairness Act, legislation to repeal outdated tax breaks that allow major oil and gas companies to reduce their U.S. tax obligations for overseas oil and gas production.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's most profitable corporations to pay their fair share.

This legislation comes as the largest oil and gas companies continue to rake in re...