Debate: Scrapping Tax Breaks For Big Oil

Considering big oil has enjoyed record profits recently, should they lose their tax breaks? The new U.S. Congress is debating that issue, therefore we debated it too - on CNBC’s "Morning Call."

Tyson Slocum, Director of Public Citizen's Energy Program says absolutely--end the tax breaks. “The determining factor in increasing domestic production is the market price of oil being set on Wall Street," says Slocum. "That is the deciding factor. The market price of crude is at historic highs. (Oil is currently trading between $55 - $60 a barrel). These oil companies do no need these tax breaks."

Mark Kibbe, Senior Tax Policy Analyst at the American Petroleum Institute, says Congress should step back. "The tax breaks being discussed go back to the 2005 Energy Bill. They are focused on domestic production. Domestic production is increasingly expensive."

(Essentially Kibbe is arguing that the tax breaks provide incentive for oil companies to explore in the U.S. rather than abroad).