Generally it's bad because it causes a rise in transportation prices for goods causing inflation. It's a sign of a booming economy though so you could say that's good. If oil prices get too high it'll tank the economy like back in 2007 which was as much due to oil prices as it was the housing crisis. Those making a living off of oil will be along to tell you how it's the best thing since slice bread and it is for them, it just screws the rest of us.
Everything in moderation.
