In March, the Biden administration said it would release one million barrels of oil per day from the US strategic reserve for six months in order to help stabilize prices.
"As of today, as we sit here today, we don't have an intention to continue that further," Deese said on Tuesday. "What we need is the private sector to come in and and provide that production. We have that resource and it has provided a valuable role but it's not intended to be a permanent solution."
Deese said the six month release of oil from the US reserve was to give private oil companies in the United States enough time to increase production to a million barrels a day by October.
Between the end of February and April, the Biden administration took an average of 3 million barrels out of the SPR every week to help meet domestic refiners’ demand for crude.
The Biden administration’s biggest SPR releases commenced in May onward with the plan of releasing one million barrels per day over a period of 180 days.