I'm not 100% sure as you'd need to look at the government finances to really say either way.
I'd be more in favour of the US scaling up its domestic production than for gov't subsidies to gas. That, in conjunction with scaling up high speed, reliable, and frequently run public transport. The only reason I say this is because Nigeria has a similar fuel subsidy program that keeps the price of fuel artificially low for the citizens, but the cost to the government is getting astronomical and it has less money to invest in other critical infrastructure.
Obviously the US isn't Nigeria, but finances are finances. A fuel subsidy means less money for other critical investments in the US (roads, EV stuff, wide-scale public transport) and it would likely be funded with more government borrowing. With interest rate hikes expected this year, that becomes expensive debt for the government to take on.
On the other hand, gas prices are getting to some crazy levels and it's pinching consumers' pockets. I see $5+/gallon regularly in the Bay. The DMV has been steady at $3.80+/ gallon. This time last year most spots were under $2.80. That pipeline hack happened in summer and things went over $3.50. They haven't come down since.
But the truth of the matter is this, gas is a by-product of oil and oil is a proxy for energy (since its by-products are used to generate energy). Energy is needed to move products and people across the world so even if the government subsidies gas, there's still the issue of increased energy costs trickling into other sectors of the economy (food, consumer packaged goods, etc).
The government should really use this as the battery pack to look into viable EVs and wide-scale public transport. Doesn't make a lot of sense to me that there isn't a high-speed Maglev type train along the US' most traveled routes / densest areas e.g. NE Corridor, SF-LA, Texas Triangle etc when the tech is there in China and Japan.
EDIT: High speed rail in Europe can get about 200/mph.
So for DTX-HTX you got a 72min trip compared to the 3.5 hrs by car.
NYC to DC just over an hour compared to just under 4hrs by car.
SF-LA in about 2hrs instead of 6hrs by car.
Bullet trains can go even faster, like 350 mph+
