← All stories · business

CNBC

Top Democrat proposes killing tax breaks for overseas oil production

Friday, August 7, 2026

A Democratic proposal to eliminate tax breaks for overseas oil production was introduced as U.S. gas prices averaged $4.06 per gallon on Thursday.

Original reporting: https://www.cnbc.com/2026/08/07/martin-heinrich-tax-breaks-overseas-oil-production.html

Next story

‘This has been an emotionally difficult time’: My brother has cancer and my father is 94. How do I shoulder this responsibility?→