Oil reserves are for when it gets really bad like a full out blown war and your enemy has bombarded your industry.
A subsidy doesn't make sense because it doesn't deal with the real problems and it only encourages OPEC and other oil producing countries to lower supply and jack up the price. Only way to defeat them is to reduce your thirst as a buyer. Also a gas subsidy doesn't help everyone and is not fair. Why not just give everyone $1200 cash and call it a day. However once again this isn't a solution.
America's policies have been part of this problem for a long time. They simply refused to encourage development of electric vehicles and other alternative fuels. In some instances even sabotaged them. The Texas Republicans and Bush Sr administration really put a hurting to this industry because they were direct beneficiaries of the oil industry. Talk about a real conflict of interest.
This crisis is a wake up call to everyone to drive less, walk more, bike more, take public transit, call out your politicians for more public transit investments, etc.