A bill to deny the foreign tax credit on foreign oil related income.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to deny the foreign tax credit for foreign oil related income. Defines "foreign oil related income" as income derived from sources outside the United States from: (1) the extraction of minerals from oil or gas wells; (2) the processing of such minerals into their primary products; (3) the transportation and sale of such minerals or primary products; or (4) the sale or exchange of assets used in energy related businesses. Denies credit carryovers and net operating loss carrybacks with respect to foreign oil related income.…