The U.S. House of Representatives has recently approved the bill to lift the 40-year-old ban on crude exports, but the legislation faces an uphill battle in the Senate after President Barack Obama threatened to veto any measure that ends the ban.

The measure passed by a vote of 261 – 159, the House Energy and Commerce Committee said in a statement, adding that "studies have shown that lifting the antiquated ban on crude oil exports would lower prices at the pump, support job growth, and strengthen America's national security and geopolitical influence across the globe."

American Petroleum Institute (API) has welcomed the passing of this bipartisan legislation.

"American producers would be able to compete on a level playing field with countries like Iran and Russia, providing security to our allies and accelerating the energy revolution that has revitalized our economy." said API President and CEO Jack Gerard.

However, those against the bill claim that lifting of the ban will only benefit large oil companies.

"This bill is an unconscionable giveaway to Big Oil at the expense of American consumers," said Florida Democrat Kathy Castor.