Why is cheap gas a good thing? Cars are far less safe than the alternatives, and also generally speaking result in less exercise. So on two different fronts, you have overall more death and injury resulting to society from cheap gas, while more expensive gas pushes people on to safer transit like trains, and encourages people to walk improving overall health. Minimizing time people spend driving in cars is a good thing.
Isn't that what many states in the Persian Gulf do?