The export ban has become an increasingly hot topic in energy markets, given the aggressive U.S. push toward energy independence. In a report championing its "all of the above" energy strategy, the White House lauded the country's progress in producing its own supplies—pointing out how the boom has lifted gross domestic product in the last few years.
"Rising domestic energy production has made a significant contribution to GDP growth and job creation," the White House said.
"The increases in oil and natural gas production alone contributed more than 0.2 percentage points to real GDP growth in both 2012 and 2013, and employment in these sectors increased by 133,000 between 2010 and 2013. These figures do not account for all the economic spillovers, so the overall impact on the economy of this growth in oil and gas production is even greater."
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However, the document sidestepped lifting the crude ban, a politically thorny subject. At the height of the oil shock era of the 1970s, Congress passed two key pieces of legislation that effectively outlawed shipping domestically produced oil to international markets. Although lawmakers' stated goal was to conserve domestic stockpiles and lessen foreign imports, economists point out that it had the opposite effect.
Until very recently, the world's largest economy imported the lion's share of its energy—much of it from hostile petro-state regimes. The U.S. vies with China as the globe's largest guzzler of oil and gas.
"Removing all proscriptions on crude oil exports, except in extraordinary circumstances, will strengthen the U.S. economy and promote the efficient development of the country's energy sector," the Council on Foreign Relations said in a study on the topic last year.
--By CNBC's Javier E. David.