Global crude oil markets drive prices at the U.S. pump, meaning it's time to end the ban on oil exports, a consortium of U.S. oil companies said.

A report from the Energy Information Administration finds U.S. gasoline prices are driven more by the international price for crude oil than the U.S. index, West Texas Intermediate.

George Baker, executive director at industry consortium Producers for American Crude Oil Exports, said the EIA report suggests U.S. restrictions on crude oil exports are outdated.

"That's why removing the ban will not raise gasoline costs for consumers and it will create jobs, generate economic growth, and increase domestic oil production, which will provide greater energy security for the United States," he said in a statement e-mailed Thursday to UPI.

Policy enacted in the wake of the 1970s oil embargo from Arab members of the Organization of Petroleum Exporting Countries restricts crude oil exports from the United States.

Exports of crude oil are permitted from certain U.S. terminals and only under certain circumstances. EIA last week said the export of 401,000 barrels of oil per day in July was the highest level in more than 50 years.

A September report prepared for The Brookings Institution said, however, that lifting the ban on crude oil exports doesn't eliminate foreign dependency.

U.S. refiners are restricted in terms of crude oil exports, but face few road blocks in terms of gasoline exports. When gas prices at home decline, those in the refinery sector can look for a better price overseas, where some countries pay the equivalent of $10 for a gallon of gasoline. That, in turn, limits the floor on U.S. gasoline prices.