The Russia-Ukraine crisis and the turmoil in the Mideast highlight the need to repeal immediately the American ban on crude oil exports, the CEO of Hess told CNBC on Monday. It would "go a long way" to reducing energy prices and increasing jobs in the U.S., he added.
"The ban was put in place in the 1970s at the time of the Arab embargo and a shortage," John Hess said in a "Squawk Box" interview. "Right now, we're in a supply strength with a lot of visibility to come."
While repealing the ban would probably cost his company money, he advocated doing it anyway. "It would probably put pressure on prices down. But it would be the right thing long term in terms of making markets open."