"This is the hottest oil and gas question in Washington right now,” Yergin said.

The US ban on crude exports has been in place for four decades after being enacted in response to the oil shocks of the 1970s.

Yergin, who is vice chairman of consultancy IHS and a noted oil scholar, called the ban “an archaeological remnant” and pointed out that similar bans on exports of natural gas and refined products were lifted in 1981.

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