President Obama has proposed cutting fossil fuel subsidies every year he’s been in office. The projections for savings have varied slightly each year but always hover around $4 billion annually. Congress has never even proposed voting on all of them.

The global oil market, not the domestic industry, determines gas prices. Treasury estimates that subsidy removal would cause a loss of less than one tenth of one percent in global oil supply, and thus would have no impact on global or U.S. prices.

[link to priceofoil.org]