Getting rid of the federal government's energy subsidies would have a negligible impact on global oil production and the cost of oil, according a report released Monday.

The Council on Foreign Relations released a report by Gilbert Metcalf, an economic professor at Tufts University, showing that removing the $4 billion in subsidies the U.S. government gives to oil companies every year would increase the global price of crude oil by 1 percent. Domestic oil production would drop by 5 percent and global oil production would drop by less than 1 percent, Metcalf reports.

Removing the subsidies would have a greater effect on the domestic natural gas industry. Metcalf suggests natural gas prices would rise between 7 and 10 percent and domestic gas production and consumption would fall between 3 and 4 percent.

Metcalf argues that removing the subsidies would not improve U.S. energy security or help stop climate change, as many reform advocates argue. Many scientists blame the greenhouse gases emitted from burning fossil fuels for driving manmade climate change.

Instead, Metcalf writes, doing so would mostly be symbolic but would help save the government money.

"If eliminated … they could enhance U.S. influence to advocate for international climate action and generate fiscal savings," Metcalf stated.