It's a free market economy, and as such government subsidies for oil companies should cease immediately. Oil companies can survive on their own just fine in today's profit-driven world. There are plenty of ways companies can get capital through venture companies and business loans to gain revenue for starting and continuing oil exploration. Billions of dollars of taxpayer money can be saved by obviating oil company subsidies. Instead, put that money towards housing the homeless and feeding the hungry.
At a time in history where oil companies are making record profits, even in a time of economic uncertainty, it is time to top letting them get away with paying their fair share. There are plenty of tax dollars left on the table that could help bring down the national debt, if we stop letting the corporations lobby so intensely to keep the status quo. The common man has to pay taxes, and doesn't have the cushion to fall back on that the oil companies do. It's only fair that oil companies start paying more than their fair share, especially with all the government land we let them drill on at a discount!