Bipartisan momentum is accelerating to lift a long-standing U.S. ban on crude-oil exports that could add more than $1 trillion to cumulative government coffers from 2016 to 2030, Jack Gerard, president and CEO of the American Petroleum Institute (API) said July 29.

“This is a no brainer. Everyone should be for it. It’s great for America,” Gerard said during a conference call with reporters.

The growing effort to lift the four-decade-old export ban is gaining impetus in Congress, but opponents include environmental groups who want to slow the world’s dependence on oil and refiners who could lose profits if the domestic oil surplus is relieved and producers are allowed to send their oil overseas.

The export ban was enacted under President Richard Nixon at a time when the country was thought to be reaching a tipping point of “peak oil.” Improved technology has changed the equation entirely, and Gerard said it’s time for policies to catch up.

“If we act now to harness this once-in-generation opportunity, America is poised to add billions to the domestic economy, creating jobs up and down the energy supply chain,” he continued. “And, as study after study has shown, consumers will win because gasoline costs are projected to go down by allowing crude exports.”

But the crude export debate isn’t just about economics. It’s also a question of geopolitical leadership, according to Gerard.

“The ambassador for our close ally—the Czech Republic—recently testified to the House Agriculture Committee that U.S. energy exports would send a strong signal that democracies stick together and can counter nations that use their energy resources to harm other nations … ultimately creating a safer world,” he said.

Domestic oil-export restrictions are especially out-of-date now that U.S. President Barack Obama and other world leaders are moving toward the removal of sanctions against Iran, Gerard said.

“American voters understand that lifting the ban on Iranian oil resources, while maintaining a ban on U.S. companies, is illogical and restricts our own competitiveness. It doesn’t make sense,” he said. “U.S. energy producers should not be placed at a competitive disadvantage to anyone, whether it is Russia, Iran or any oil producing country. This outdated crude-exports policy must be repealed to level the playing field and allow the U.S. to flourish as a global energy superpower.”

Kristie Sotolongo can be reached at ksotolongo@hartenergy.com.