As you’ve surely noticed by the dramatically lower gasoline prices, the U.S. is awash in crude oil. Domestic oil production has ramped up significantly in recent years, pushing inventory levels higher, which has in turn helped push crude oil and gasoline prices lower.

As barrels of crude oil continue to stockpile in the nation’s midsection, pressure is intensifying on policymakers to lift a 40-year ban on U.S. oil exports.

Anyone who owns an energy stock has felt the pain in recent months. The energy sector has taken it on the chin as lower crude oil prices have cut into profit margins and corporate earnings outlooks. If the U.S. allows oil exports, could this be a boon to energy producers? Could it help lift the struggling energy stock sector?

The winners. Oil producers are seen as potential beneficiaries. “If the U.S. begins to allow oil exports, it would likely mean a brighter future for the nation’s upstream oil companies,” says Patrick DeHaan, senior petroleum analyst at Gasbuddy.com, which provides real-time free gasoline prices. Upstream oil companies are oil producers drilling and pumping oil out of the ground.

The losers. “The folks railing against lifting the ban are coming from the refining community. The lower crude oil prices have helped out U.S. refiners because the costs of what they are buying has come down significantly,” says Stewart Glickman, equity analyst at S&P Capital IQ in New York.

Domestically produced U.S. crude oil, known as West Texas Intermediate, trades at a discount of roughly $4 to the world benchmark, known as Brent crude oil. “This type of crude oil is depressed because it is landlocked. If there are more hands in the cookie jar, it could contribute to higher prices,” DeHaan says. Higher crude prices would benefit oil producers, while potentially hurting the profit margins of refiners.

There are larger global supply and demand issues at play, which could limit any immediate impact of a lifting of the U.S. ban on exports on oil prices.

“The bigger issue is that we are still producing too much crude oil globally, and we still don’t have robust global demand,” Glickman says. A slowing Chinese economy and a well-supplied global oil market are still expected to keep a lid on crude oil prices into 2016. Bentek Energy, a Colorado-based energy analytics company, forecasts a $56 annual average for crude oil in 2016, versus $50 for the second half of 2015, Glickman says.

However, for investors with a longer-term time horizon, if the U.S. were to lift the oil export ban, “it is a big deal. It is never a bad thing if a company can sell to more customers than just the U.S. In the future, China’s economy will recover and there should be more demand,” DeHaan says.

Oil producers are eager to expand their customer base. “The biggest of the big oil will jump on the opportunity. They have the scale and the logistical resources — and often the global connections already in place to find customers and get the tankers moving,” says Hilary Kramer, hedge fund manager and founder of the GameChangers investment newsletter.

Oil producers near the Gulf Coast ports are seen as benefiting the most if the oil export ban is lifted, with their easy access to shipping lanes to Europe and Asia.

Energy stocks to buy. “If the U.S. lifted the oil export ban, a few names at the top of my list to buy would include EOG Resources (ticker: EOG), Pioneer Natural Resources (PXD) and Carrizo Oil & Gas (CRZO),” says Mike Ciccarelli, trader at Briefing.com, a Chicago-based independent, live-market analysis firm. Each company produces oil in the Eagle Ford region in South Texas, and they should benefit from their proximity to the Gulf ports, he adds.

In addition to the potential lifting of the oil export ban, there are other catalysts that make these names attractive, Ciccarelli says. He points to “better overall operations and greater efficiency due to improvements in technology, which is really quite impressive. These guys can now drill the same amount of production, while some can produce more oil with fewer rigs — all while reducing well costs.”

S&P Capital IQ rates Southwest Energy Co. (SWN), a domestic oil and gas producer, a strong buy. The stock trades around $13, and S&P Capital IQ projects a 12-month target at $26.

Other energy picks outside the crude oil sector include Antero Resources Corp. (AR), a domestic natural gas producer. “Right now, there’s so much pressure on oil that companies that would normally pump their crude and vent their gas into the air are finding ways to get that gas to market. Margins are that tight, and revenue is that desperate,” Kramer says.

If the U.S. were to lift the ban on oil exports, it wouldn’t necessarily be a panacea for an energy company’s current challenges, but over the longer term, it would create more opportunity and an increased customer base for producers. “As long as you have a long-term time horizon of two to five years, there is some room to cherry-pick and look at high-quality names in integrated oil companies with well-funded dividends,” says Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle.

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Energy Stock Winners and Losers When U.S. Oil Exports Go Global originally appeared on usnews.com