SAN RAMON, Calif., Dec. 12 (UPI) -- Vice President of Public Affairs for Exxon Mobil Corp. Ken Cohen said U.S. legislators should review 1970s legislation restricting crude oil exports.
"We are not dealing with an era of scarcity, we are dealing with a situation of abundance," he told the Wall Street Journal in an interview published Wednesday. "We need to rethink the regulatory scheme and the statutory scheme on the books."
The U.S. Energy Information Administration said in a market report this week U.S. crude oil production averaged 8 million barrels per day in November, the highest monthly level in a quarter century.
U.S. legislation enacted in the wake of the 1973 Arab oil embargo restricts the amount of crude oil the United States can export.
The Journal reports Exxon rivals ConocoPhillips and Royal Dutch Shell have called for a reversal of the U.S. legislation so they could capitalize on domestic oil production gains.
Critics of U.S. crude oil exports say it could result in higher fuel prices for consumers. Companies that refine oil into petroleum products like gasoline could also take an economic hit if they're forced to use more expensive crude oil.