Lifting ban on oil exports will lower gas prices: Energy CEO

Case for US oil exports

If the United States lifts the ban on oil exports, consumers will win at the pumps, Breitling Energy CEO Chris Faulkner told CNBC's "Street Signs" Thursday.

"When you put oil in the global market, you're increasing supply, and I think that it would affect gasoline prices in the positive. It could reduce it by 5, 10 cents a gallon," he said.

According to a new report by the energy research group IHS, if the U.S. exported oil, $1 trillion would be added to government revenue and an average of 340,000 jobs a year would be created.

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Many in the industry have been buoyed by recent meetings between U.S. oil producers and officials from the Commerce Department, leading to speculation that the Obama administration may begin to lift the ban on exporting oil.

Faulkner believes it's only a matter of time before the ban, which came about in 1970s, is lifted.

"The conversation after the midterms will start picking up in D.C., and I think next year we'll probably have that conversation and get the ban lifted," he said.

Tim Rue | Bloomberg | Getty Images

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However, the Sierra Club's Athan Manuel said the only winners on lifting the ban would be the oil companies.

"It's not really going to help consumers, it's not going to help the U.S. energy picture, and it's certainly not going to help solve the problems of climate change and global warming," he told "Street Signs."

What's more, he added, lifting the ban will not be a "magic bullet" that decreases gas prices.

"We've seen a dramatic increase in production in the United States the last couple of years, but the gas prices have stayed high. There's no real correlation between export bans and domestic production," he said.

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—By CNBC's Michelle Fox. Reuters contributed to this story.