One of Biden’s top energy aides confirmed Friday the administration won't extend the oil releases from the Strategic Petroleum Reserve that are scheduled to end this fall.

The Strategic Petroleum Release “was really a stop-gap measure,” says Amos Hochstein, Biden’s Special Presidential Coordinator for International Energy Affairs. “We can't be an oil supplier. It's a reserve and so we have to keep that.”

He vowed that ending the releases won't spur supply shocks, noting that the private sector has assured him that it will be able to ramp up production once there's no longer access to the reserve.

“I myself had those conversations with the leadership of several of the companies,” added Hochstein, who formerly worked in the oil industry.

At least some companies are investing right now in the months-long process of ramping up production, he said, making him optimistic that the fears of a fall surge in prices may be overblown.

“There's a little bit of hysteria at the moment in the analysis of oil markets,” he said during Friday’s conversation with Yahoo Finance's Akiko Fujita.

For example, some experts predicted record-high prices this summer, he noted — but drivers have instead enjoyed a month of declines in both crude oil prices and prices at the pump.

‘Really a stop gap measure’

As of Friday, the price of crude oil was below $95 a barrel while average gas prices in the U.S. were at $4.41 a gallon. Both represent major drops from this time last month.

Hochstein says he has secured promises from CEOs that investments being made now in improvements like drilling profiles and platforms will pay off with an increase of about 800,000 to a 1 million barrels a day towards the end of the year. This would replace, his argument goes, the 1 million additional barrels a day on the market right now because of Biden’s April move to release the oil reserves.

Speaking to Yahoo Finance, Hochstein stuck to his previous prediction that gas prices would soon “come down more towards $4” a gallon, noting that the administration is in a position to keep prices low.