To amend the Internal Revenue Code of 1986 to allow for the deduction for domestic oil related production activities of companies which are not major integrated oil companies.

Amends the Internal Revenue Code with respect to the tax deduction for domestic oil related production activities to limit the 3% reduction in such deduction to major integrated oil companies (companies which have an average daily worldwide annual production of crude oil of at least 500,000 barrels and annual gross receipts in excess of $1 billion).