In 1986, then Vice-President of the English Sangha Trust, the late Maurice O'Connell Walshe, wrote an essay entitled "Buddhism and Sex." He explored what it means to live as a sexual being while following the Buddha's teachings.
Walshe said that sexual energy is a powerful and impersonal force that is neither "good" nor "bad." He said that the benefit of denying direct expression of sexual energy depends on how and why this is done.
Walshe further explained that, according to Buddhism, sex is an expression of tanha (craving) which brings about dukkha (suffering), thus we should seek to bring sexual energy under control. While he admits that total sexual control in the sense of complete abstinence is only for the few, he does suggest various possible ways of controlling sexual energy.
One way is through fear: fear of hell, fear of disease, etc. Of course, this isn't a particularly good way, though it can certainly work. But exaggerated fear is not psychologically very helpful.
Another way is through repression, a form of successful self deception which can also result in psychological troubles. These aren't the same thing as voluntary suppression which, if done with awareness, does little or no harm.
Lastly, sexual energy can also be sublimated into other things: art, music, intense religious faith, and so on. Walshe noted that control over sexual energy can be gained by samatha (concentrative meditation practice), which stills the mind. He said that, in non-Buddhist systems, this is probably the best that can be hoped for.
But the truly Buddhist way is by vipassana (insight). In this method, there is no forcing. Rigid suppression by an act of will is not required. Slowly and patiently, mindfulness is employed to disentangle all the guilt feelings and other complications which may have developed.
Walshe admitted not everybody is prepared to practice intensive mindfulness. But even a moderate degree of habitual mindfulness, like watching our desires at play with detachment, can produce surprising results.