Seeking to cap summertime gas prices, the Obama administration said Thursday it will tap the country’s strategic oil stockpiles for a temporary boost.

The U.S. will release 30 million barrels of oil onto the world market over the next month, and other countries that are partners in the International Energy Agency will release another 30 million barrels, Energy Secretary Steven Chu said.

He blamed the ongoing conflict in Libya for the loss of 1.5 million barrels a day of light, sweet crude oil, and said coupled with disruptions from other oil-producing countries, it’s hurting the global economic recovery. He also promised “additional steps if necessary”...