Sen. James Lankford (R-OK) has introduced a bill that would change the calculus by allowing oil companies to deduct some of their largest expenses against the minimum tax. Lankford’s bill is included as a priority in the policy blueprint of the American Exploration & Production Council, which represents large independent oil and gas companies.

President Trump on Monday said the U.S. will impose a 25% tariff on imports from countries that purchase oil or gasoline from Venezuela.