A Senate bill that would have cut $24 billion in tax breaks to oil companies over 10 years was blocked by Republicans yesterday. The bill, endorsed by President Obama hours before the vote, would have used $11.7 billion of the $24 billion to extend renewable energy tax credits and fund clean energy initiatives. The remainder would have gone toward deficit reduction.

Critics of the bill have said that it would do nothing to reduce gas prices.

Would legislation like this impact gas prices in the short- to medium-term? Should the U.S. remove subsidies from one industry in order to subsidize another? What might be the effects of legislation like this on domestic energy production?