Subsidizing oil industries is a waste when we know that anthropogenic climate change is real. Rather I would encourage supporting construction of nuclear power plants since they are currently the most efficient source of energy with the least death toll from renewables. I would not really rely on the other sources. Preferably I would support experimental nuclear fusions to become practical or maybe later start creating kugelblitzes in our satellites that we would be sending to space to generate 100% energy from conversions.
We have alternatives already that are affordable and can replace fossil fuels. The only reason these subsidies are still given out is quid-pro-quo; Big Oil puts money in the politicians' pockets and they reciprocate.
It's hardly even a secret that this happens. Look at Ted Cruz, Who took $757, 428 from the oil Industry. Isn't it funny that he also happens to be a climate-change denier who supports destroying the environment through fracking and off-shore drilling? This is far from an isolated incident; the government is full of politicians bought by Big Oil.
Money buys elections, And the oil barons have plenty to throw to corrupt hacks that will do their bidding.