In 2007, the price of crude oil reached all-time highs and it was unfathomable that U.S. crude production would reverse a multi-decade trend of declining output. This dynamic also coincided with an even more remarkable trend of sharp declines in gasoline consumption. 

Source: EIA.

With crude oil exports restricted in the United States, consumers should be the likely beneficiary of cheaper crude oil. However, ExxonMobil (NYSE:XOM) is taking a hard look at the changing dynamics in the United States and is lobbying for crude oil exports. While the Energy Department has approved licenses for natural gas exports, licenses for crude exports will likely never materialize. See the video below for more information on this topic. 

This segment is from Thursday's edition of "Digging for Value," in which sector analysts Joel South and Taylor Muckerman discuss energy and materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays and Thursdays. It can also be found on Twitter, along with our extended coverage of the energy and materials sectors @TMFEnergy.

Joel South has no position in any stocks mentioned. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.