High oil prices are painful to some countries, and higher prices slow
Your assumption isn't entirely true. When Oil prices continued to grow till 2015. The growth of China and India during this period was continuously growing. Now, the oil is at ~55 and these countries growth is faltering. Why?
If the oil is expensive, More money flows through the hands of people and the GDP is high. All the exports of that nation will be slightly expensive. The additional amount expended to purchase oil will be compensated by the higher value of exports. Inflation growth remains at a steady rate.
This equation fails, if a nation doesn't export as much as it imports. And yes, such countries will find it more painful. But almost all countries export something.
The growth of a nation is a relative term and is dependent on multiple factors, including the sentiment of people.
Yet, there does not seem to be much concern about the price issue. Why
is this? Sometimes people get very upset over smaller price changes.
Let me try this with an example. The cost of oil in some EU nations is ~1$ per litre. But the crude barrel costs hardly 60, which gives ~90 Liters of Gasolene. The same is the case with China, India, which sell a litre for 1.1$, essentially taking away more money from the hands of people. This causes dissatisfaction and it grows.
If the additional funds collected were invested in infrastructure/research, essentially creating more jobs and putting more money into people's pockets for additional consumption, this wouldnt be a significant problem(US, EU nations, and to some extent China)
If the funds were used to fund political promises to spend on stuff, which doesn't raise people's wages, there would be more dissatisfaction. (India, Pakistan, Bangladesh, etc)
US sanctions are costing consumers an extra $30 per barrel. This adds
up to about $1Trillion per year globally. Of course, this is good for
The US is an oil producer, so they are mining their own oil. So, the additional amount is either going into the domestic producer's pockets (More taxes and Jobs) or into the nation's pocket.
This allows the US to spend more on their Defences, nuclear power, infrastructure, etc. This is a good thing, isn't it?
The cost of Gas should be affordable to all. It doesn't matter if it costs 1 or 10. If the people can make enough to afford it, it's not a problem. If people's wages are constant (falling, if you adjust to inflation) and expenditure is rising, then this is.