Sen. Martin Heinrich will introduce a bill, shared exclusively with CNBC, to end tax breaks for U.S. oil and gas companies that operate overseas while the industry reaps massive profits as the war with Iran spikes oil prices. Trump has, at the same time, pushed U.S. oil and gas companies to invest in Venezuela after he ousted the country's former president, Nicolás Maduro. "Oil majors shouldn't get a tax break for going overseas to produce energy, but that's essentially what our current tax policy does," he said. According to Heinrich's office, the bill would eliminate preferential tax treatment for overseas oil and gas extraction income, shifting the tax code so overseas fossil fuel profits are treated the same as other foreign business income. It would also close tax code provisions that allow companies to generate additional foreign tax credits from shale oil and tar sands development by including them as combined foreign oil and gas income.