Would reverting back to all prop airplanes save money and fuel?

President Obama has signed into law, changes to conserve money and fuel, on big trucks, like semi tractor trailers and large dump trucks. What if the airline industry reverted back to using only propeller-driven aircraft, instead of jets? Jet fuel is very expensive. Question: in your opinion, what are the pros and cons of grounding all jet powered aircraft(except military) and replacing them with propeller-driven aircraft? Would the savings be worth the effort?