House leaders hear testimony Thursday on policies restricting crude oil exports, arguing America's updated energy outlook mean it's time to redraft the rules.

Advances in hydraulic fracturing and horizontal drilling, techniques usually described under the banner of fracking, have resulted in exponential increases in U.S. oil production. The U.S. Energy Information Administration estimates total U.S. crude oil production will increase next year by 10 percent to average 9.42 million barrels per day, a level not seen since the 1970s.

"America's updated energy outlook necessitates the re-examination of laws conceived in an era of energy scarcity," a memo from the House Energy and Commerce reads.

Arab members of the Organization of Petroleum Exporting Countries stopped exporting oil to the United States in response to U.S. support for Israel in the 1970s.

In response, the U.S. Congress passed legislation in an effort to reduce energy demand and increase domestic energy production.

Those measures placed restrictions on crude oil exports from domestic sources, but include a clause where exports are permissible if it's "clearly necessary to protect the national interest."

Supporters of repealing the ban argue it would increase U.S. leverage overseas, while at the same time creating a source of domestic economic stimulus through jobs and lower energy prices.

The U.S. oil industry argues repealing the ban would have a net positive effect on the U.S. economy. George Baker, executive director of the Producers for American Crude Oil Exports coalition, says a report from the Congressional Budget Office confirms the benefits.

"The CBO report makes it clear that lifting America's outdated export restrictions will help to grow the economy and save consumers money," added Erik Milito, industry director for the American Petroleum Institute.

The CBO considers the impact of easing the ban on exports of crude oil and concludes it would "probably" lead to an increase in U.S. production, which would "probably make gross domestic product and federal revenues slightly higher than they would be under current export policies."

Those in the refining sector, meanwhile, argue oil prices will increase, refiners will reduce gasoline production in response and domestic prices for gasoline will increase if the ban is repealed

There are no restrictions on petroleum products like gasoline. In early November, Australian company BHP Billiton said it concluded that condensate, an ultra-light grade of crude oil taken from the Eagle Ford shale play in Texas, was legally eligible for exports.

U.S. Rep. Fred Upton, R-Mich., chairman of the House energy committee, said the country needs the right policies in place to take full advantage of its new found oil leadership position.