A recap of the video: Obama wants to end subsidies. Higher gas prices hurt the low income earner more than the high income earner. There are alternatives to buying foreign oil such as natural gas.
A subsidy increases the amount of gasoline that is made. So ending the subsidies would decrease the amount of gas available to consumers. A decrease in supply would increase gas prices. Many goods are subsidized including mass transit, education, and health care. Do we really want higher prices on these items?