Current US oil production ~2 billion barrels/yr One barrel of oil yields ~ 20 gallons gasoline so US domestic gasoline production from our oil is ~ 40 billion gallons.
$4B tax break elimination divided by 40B gallons per year would indicate an increase in gasoline prices of $0.10/gallon.
$4B tax break elimination on $200 billion in revenue on 2 B Bbls at $100/Bbl oil is 2.0% of total revenues.
Therefore tax break elimination distributed across the US oil industry is much less significant than fluxuations in oil price/bbl. More significant impact to small exploration companies as indicated in post above.
In the meantime, Washington will get everyone to look at one hand tossing the oil tax credit elimination in the air, meanwhile, doing other mischief with the other hand. Even worse, while everyone is up in arms over which way this $4B is going to go Washington will do NOTHING about any significant issues such as:
US unemployment rate A meaningful US Energy Policy, Actually increasing GOM, Alaska, and other domestic production Border Security & Immigration Debate/reduction of US spending, etc., etc.
Tomorrow - Washington and the media will toss some other trivial issue up in the air and all us lemmings will turn our heads and look.
Vote them out. Career politicians would not have a perpetual career if they resolved the real issues.