To amend the Internal Revenue Code of 1986 with respect to the treatment of foreign oil and gas income.

Amends the Internal Revenue Code to revise the special rules for tax treatment of foreign oil and gas income with respect to credit for taxes paid to a foreign country. Declares that income, war profits, and excess profits taxes does not include taxes paid to a foreign country with respect to foreign oil and gas income and which are not imposed under a generally applicable income tax law of such country. Separates the application of certain foreign tax credit rules for foreign oil and gas extraction income and for foreign oil related income.