The thing about renewables is that almost all the cost is upfront. I have solar panels on my roof and they're going to keep producing energy at the same rate regardless of what the price is, because the marginal price of running them is basically zero. If places are installing them to meet carbon targets, that's also unaffected by price.

Also, oil and electricity aren't so much directly in competition with each other while the EV market remains small. Natural gas, yes, but that was already cheap.