Tax benefits available to fossil fuels have been much smaller than those available to renewable energy in recent years

See Big Oil’s Influence Shrinks as Tax Perks Face Axe in Biden Plan: Cutting the fossil-fuel industry’s tax perks might not dramatically affect hydrocarbon output or the environment, but it will mark the end of an era for Big Oil by Jinjoo Lee of The WSJ. Excerpt:

"In absolute terms, tax benefits available to fossil fuels have been much smaller than those available to renewable energy in recent years. In 2018, tax provisions supporting fossil fuels added up to $3.2 billion, while those for renewable energy totaled $9.8 billion, according to the Congressional Research Service. But tax benefits for fossil fuels have been around much longer, matching the maturity of the industry. The deduction for intangible drilling costs has been around since 1913, while percentage depletion has been around since 1926. If those tax benefits are essentially centenarians, the two main tax credits for renewable energy fall into the millennial and Gen Z category: They were introduced in 1992 and 2006, respectively.

However drastic the cuts to fossil-fuel tax provisions turn out to be, the actual impact on oil production and the environment may not be as dramatic as Mr. Biden hopes. In a 2018 paper that the tax plan cites, Gilbert Metcalf, economics professor at Tufts University, estimated that eliminating the two tax benefits for fossil fuels, alongside another one known as the domestic manufacturing deduction, wouldn’t substantially decrease domestic oil-and-gas production or greenhouse-gas emissions in the long run."