Some of the incentives provided for additions to refining capacity and for clean up in the event of spills. Some were provided under the 'American Jobs Creation Act'. Most of the energy tax breaks from the '2005 Energy Policy Act' went to nuclear, clean coal, wind, ethanol and other alternative energy sources instead of oil and gas.
The Clinton administration mistake that failed to include a trigger to eliminate tax breaks for Gulf of Mexico drilling if oil prices rose could provide the biggest savings.
Let the Market decide! It's none of Government's business.