Contrary to what some U.S. energy policies suggest, it's not 1975. Americans aren't lining up around the block to put gas in their cars. World markets aren't being rocked by spiking prices. Energy isn't a scarce resource in the United States--in fact, it's an abundant one.

So why are we stuck with an energy policy designed for a bygone era? Forty years ago, lawmakers enacted a ban on U.S. oil exports in response to the Arab oil embargo. The law was intended to insulate the United States from volatility in global oil markets by conserving America's then-limited domestic supply.

But that was before private sector-driven technological innovation unlocked rich resources and ignited an American energy revolution. It was before the United States became one of the top oil-producing nations, capable of meeting its own needs and helping meet the growing demands of global consumers. These achievements were made possible in spite of government, not because of it.

Given today's realities, U.S. energy producers should be able to sell some of our abundant resources around the world. But lawmakers must first lift the ban on oil exports--and they have good reason to do so.

While many opponents claim that lifting the ban would raise domestic gas prices, a study recently released by the U.S. Energy Information Agency concluded that permitting oil exports wouldn't result in a price hike. Lifting the export ban could actually decrease the price of gas by putting more product on the global market. Moreover, it would support almost 400,000 Americans jobs and generate a $1.3 trillion windfall for the Treasury.

Lawmakers on both sides of the aisle and in both houses of Congress agree that updating this antiquated policy is long overdue. Legislation to lift the oil export ban is moving in both the House and the Senate. However, despite bipartisan support and the clear need for reform, the White House has indicated that the president will veto it.

If the president decides to preserve this relic of the past, he will have to explain to the American people why it's OK to lift the sanctions on Iran and allow the country to again export oil--but not the United States. He will need to explain to workers in the energy industry--and those who depend on it--why he won't take steps to save their jobs or create new ones. He will also have to tell our allies why they must remain in the grip of unfriendly nations that wield access to oil as a geopolitical weapon.

Or he could simply do what makes the most sense for our country today--take the shackles off American energy workers and businesses. It's time to lift the ban.