The rising cost of oil prices are a cause for concern because as the price of oil goes, so does the price of all goods and services. So, it's a double loss for the consumer - they lose the money they would have saved at the pump...AND...they lose the extra that it costs to buy things. Conversely, it is great for the stock market.
Longer-term, prices may go on to experience a spike as the effect of the unprecedented withdrawal of investment from the sector in recent years feeds into lower production, which could lead to a supply shortfall. A serious global oversupply has seen oil prices plummet over the past two years – at as much as 94 million barrels per day, there is too much oil being produced to keep prices rising.
Yes, the rising cost of oil prices is a cause for concern, because it raises the cost of everything. If the price of gas goes up, it costs more to transport milk to the store. Then the price of milk will go up. If this happens to everything, soon everything we buy becomes too expensive.
The rising cost of oil is not something that we should be concerned about. Oil prices have risen and fallen historically, and even if the price of oil does shoot up, it is only a matter of time before it comes back down. Another factor to consider is that a rise in oil prices may curtail the use of fossil fuel and aid in stopping climate change.