Newsflash--there are no oil and gas subsidies. There are certain tax credits, for exploration and depletion, which reduce taxes much as your mortgage deduction reduces the amount of your income subject to taxation, and depreciation helps you afford to buy equipment for your business. Neither one gives you "subsidy revenue."
Since you mention it, Obama wanted to eliminate the home mortgage deduction. That would do wonders to turn the double-dip housing market around. /s