In unveiling what it called its “All-of-the-Above” energy strategy last week, the White House highlighted a quote from President Obama saying, “We can’t have an energy strategy that traps us in the past.”

I wholeheartedly agree.

In particular, our energy policies must no longer continue to be anchored in the 1970s – a period defined by grave fears about resource scarcity – at a time when the shale revolution currently is providing the American people with energy abundance.

Even the White House acknowledges “the U.S. energy sector is undergoing a profound transformation.”

One smart way to adjust to this transformation would be to rescind the moratorium on crude oil exports that was put in place in 1975 during an era of oil embargoes, rationing, and long lines at service stations.

Yet until Washington takes action to do so, our energy sector will continue to be constrained, and the economy will continue to be missing out on the full benefits of the shale revolution.

Exactly how significant those benefits may be was spelled out in another report that was issued the same day as the president’s.

That study – from energy consultancy IHS – makes abundantly clear that failure to lift the crude oil export ban will prove very costly to American consumers. IHS finds that lifting the ban will:

• Lead to nearly $750 billion in additional direct energy industry investment
• Add an average of $86 billion annually to U.S. GDP
• Spread economic benefits to all 50 states, including those without significant energy oil production
• Increase federal, state, and local government revenues by $1.3 trillion by 2030
• Boost U.S. oil production by an additional 1.2 million barrels per day
• Put downward pressure on gasoline prices

Those last two points pierce the heart of claims offered by some politicians that removing export restrictions will raise gasoline prices.

I mentioned recently that Energy Secretary Ernest Moniz has hinted the Obama administration is weighing whether to remove the archaic restrictions on crude oil exports. IHS’s new study offers plenty of compelling reasons why it should.