House committee chaired by Rep. Fred Upton hears testimony on effectiveness of 1970s era policies restricting crude oil exports. (UPI Photo/Kevin Dietsch) House leaders hear testimony Thursday on policies restricting crude oil exports, arguing America’s updated energy outlook mean it’s time to redraft the rules. Advances in hydraulic fracturing and horizontal drilling, techniques usually described under the banner of fracking, have resulted in exponential increases in U.S. oil production. The U.S. Energy Information Administration estimates total U.S. crude oil production will increase next year by 10 percent to average 9.42 million barrels per day, a level not seen since the 1970s. “America’s updated energy outlook necessitates the re-examination of laws conceived in an era of energy scarcity,” a memo from the House Energy and Commerce reads. Arab members of the Organization of Petroleum Exporting Countries stopped exporting oil to the United States in response to U.S. support for Israel […]