What You Need to Know About the U.S. Lifting a 40 Year Old Ban

Updated from 11:03 a.m. ET with Yergin's comments in a conference call.

NEW YORK (TheStreet) -- Pulitzer Prize-winning author Daniel Yergin said that Congress and the Obama administration are transitioning on the country's energy strategy, which could lead to cheaper gas prices and more than 1 million new jobs.

Speaking in an interview about a new report by energy research group IHS that said gas prices could tumble as much as 8 cents a gallon while adding nearly 1 million new jobs if the United States lifted its oil export ban, Yergin said he thinks legislators have started to weigh the benefits of lifting the 40-year ban.

WATCH: More market update videos on TheStreet TV | More videos from Joe Deaux

"I think there's a process of change going on, and as so often happens thinking and policy has to catch up with reality, and I think this is kind of the thinking and next year I think is the policy after the election," Yergin, who is IHS vice chairman, said.

Yergin was referring to legislators and policy makers who are reconsidering U.S. standing in the oil and natural gas sector as geopolitical tensions, especially escalation between Ukraine and Russia, increasingly threaten global energy supply and demand.

The report also said that the government would haul revenuestotaling $1.3 trillion from 2016 to 2030, assuming Congress would lift the ban in 2016.

When asked what participants would fail to benefit from a lift on the export ban, Yergin said refiners would stand to lose the most.

If you liked this article you might like

These Stocks Pay You to Own Them

Dow, S&P 500 Set New Records as Fed Moves to Unwind Balance Sheet

Stocks In Negative Territory as Chances for December Hike Surge

Energy Stocks Lead a Neutral Market Even After Oil Inventories Spike

Energy Takes a Backseat as Crude Oil Stabilizes Under $50