[hrthwhr]

Of course it would. If you were running a company, and were going to lose $4 billion, would you just be like "aw shucks" and eat it, or would you raise prices to make up for lost income?

In industries with elastic demand, no, companies do not do this--they price based supply and demand ultimately what the customer is willing to pay. Gas prices are at the point where consumers really are driving less in response to prices so I do not think that the very profitable and conservative oil companies would raise prices and kill demand if they lost their subsidies.