U.S. policymakers are called on to adopt the energy policies necessary to take advantage of the new era of abundance, the chairman of Exxon Mobil said.

Some energy companies with a focus on exploration and production are advocating for a repeal of a ban on the export of some domestically-produced crude oil. The ban was enacted in the 1970s in response to an export embargo from Arab members of the Organization of Petroleum Exporting Countries.

Exxon Chief Executive Officer Rex Tillerson led the drive, telling an audience at The Economic Club in Washington D.C. current policies are out of step with the energy landscape in the shale era.

"It is time to build policies that reflect our newfound abundance, that view the future with optimism, that recognize the power of free markets to drive innovation, and that proceed with the conviction that free trade brings prosperity and progress," he said in a Thursday address.

Led in large part by shale, total U.S. crude oil production in February was 9.4 million barrels per day. The U.S. Energy Information Administration estimates the level will reach 9.5 million bpd next year, close to the all-time record set in the 1970s.

The Commerce Department's Bureau of Industry and Security said in a late 2014 policy overview condensate produced in a certain way is not crude oil, but a petroleum product subject to few export restrictions. Condensate is an ultra-light form of oil found in some U.S. shale deposits.

Most refineries in the United States are configured to process heavier grades of crude oil produced and imported from Canada, Mexico and Venezuela. Those on the refining side of the energy sector argue lifting the ban would mean higher costs on the downstream side, a cost The Aspen Institute said in an October report may reach $1 billion.

EIA in November said it was assessing the impact of a "possible relaxation of current limitations on U.S. crude oil exports."