Oil is one of the most used resources and it generates a lot of money but lately the market price has gone down for it. That means that everything else will slowly go down which is why we should be concerned about it being cheap! Everything will suffer if the oil price doesn't go up.
Yes we should care that cheap oil is bad for oil countries because the world should be about equality and everyone should have the same quality of oil. No one deserves less. The countries that produce the quality oil should be allowed to keep some of their oil. but it should also be distrubed evenly.
Sadly, the world runs on a basis of supplies and demand. The same principal applies to oil, along with any other product. Oil producing countries, just like everyone else on the global market have to adapt and change in the shifting economic environment. Also building ones economy purely on the exportation of a finite resource will lead to economic, and possibly social collapse in the near future.
We have paid outlandish prices for oil for some years. Oil countries have made a lot of profit from us. If they have spent these profits in stupid ways, they are the ones with the problem. No matter the situation, they still have the control over oil prices. Cheap oil is not bad for oil countries. That would be like saying cheap hamburgers are bad for McDonalds.