According to CoinMeta, U.S. Democratic Senator Martin Heinrich ( Martin Heinrich ) will propose a bill aimed at repealing tax incentives for American oil and gas companies operating overseas. The proposal comes against the backdrop of the Iran conflict causing soaring oil prices. Heinrich stated that the bill will help to level the playing field for energy development in the United States with that in regions such as the Middle East. He argued that oil giants should not enjoy tax incentives for producing energy abroad, which is currently the case under the current tax policy. The bill will also eliminate preferential tax treatments for income from overseas oil and gas extraction and repeal tax provisions that allow companies to obtain additional foreign tax credits from shale oil and oil sands development.