The supercommittee that's supposed to be killing the country's deficit asked the rest of Congress to submit ideas for places to cut. Thirty-five members of Congress submitted a motion that would do away with oil subsidies worth $122 billion.
This idea comes from Democrats (and Democrats that Think Progress describes as "progressive climate hawks") so there's not a huge chance that the committee chairs are going to adopt this particular proposal. But $122 billion! If Republicans are serious about getting rid of the budget deficit, oil subsidies would be a good place to start.