U.S. politicians in oil-producing states want Congress to lift the 40-year U.S. oil export ban. Commerzbank AG head of commodities research Eugen Weinberg explains to TheStreet's Joe Deaux why American consumers won't be hurt much if the U.S. lifts its oil export ban, and why oil refineries like Valero Energy and Marathon Petroleum will be hit hardest. Weinberg also discusses whether Congress and President Obama will choose to lift the ban. Commerzbank AG wrote in a research note that potentially half of all oil output could qualify in the future for exports. Congress implemented the export ban amid the 1970s energy crisis.

More from Video

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Elon Musk's Twitter Tirade Is the Dumbest Thing on Wall Street

Elon Musk's Twitter Tirade Is the Dumbest Thing on Wall Street

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Video: You Could Live in a Ritz-Carlton or St. Regis Home

Video: You Could Live in a Ritz-Carlton or St. Regis Home