International crude prices, which retreated in July after a noteworthy rebound during the first half, are spiraling again this month.

Dubai crude, which peaked at $48 per barrel on June 8, plunged to $38 on Aug. 2. But it has bounced back over the past few weeks to surpass $44 per barrel. West Texas Intermediate and Brent crude have touched $48 and $50, respectively.

The recent trend hints that the era of $30-$25 per barrel, which came in early 2016, will not come again in the coming years, while some still predict oil prices will eventually nosedive again due to a glut.

Despite the spilt projections, crude prices are reflecting the market expectations that oil producers including OPEC members will reach a consensus on an output freeze during a gathering slated for late September in Algeria.

South Korea’s major industries, including oil refiners and overseas plant builders, are estimated to have gained profitability, as crude products have escaped from extraordinarily low prices. Shipbuilders and shipping firms were also hit by the record-low prices last year.

However, the stable profitability and favorable effects on the nation’s overall economy are possible when oil prices are stabilized at around $50.

If the prices break through the psychological barrier of $65, refiners and other oil-sensitive industries will see a deterioration in margins. A further surge in oil prices would cause a spike in raw material import prices, which will pose a heavy burden on the economy.

Domestically, gasoline prices are expected to start an upward trend. After hitting the bottom of 1,339.51 won ($1.19) per liter in early March, it is trading at over 1,400 won. Gasoline and diesel prices could show a sharp rebound later this year.

From 2015 to early 2016, local policymakers frequently cited low oil prices as a key factor deteriorating the profitability of many industrial sectors and the nation’s economic growth. The abnormally low prices were a good excuse for the government to explain the critical export slump.

But the situation has reversed in quite a short period. Now few government officials and private analysts use the habitual term “low oil price era” when they discuss the current economic conditions.

The government needs to reassess how the international oil price recovery will affect the domestic economy. The public has the right to know whether price normalization will have a positive effect on exports and gross domestic product growth.

Many citizens might be doubtful as to why a plunge in oil prices is a bane to Korea, which depends entirely on imports for oil consumption in both the industrial and household sectors.

Based on common sense, ordinary households cannot welcome rising gas and diesel prices due to the growing burden of fuel costs. And many manufacturers will suffer higher processing costs from high oil import prices, while some sectors might benefit from the situation.

Despite a series of failures in reaching a consensus among OPEC members and other oil producers on scaling back petroleum output, crude prices have been on a gaining streak.

Policymakers should brace for the undesirable scenario that oil producers will finally agree to reduce output to end the game of chicken they have been playing with each other, which would deal a severe blow to the Korean economy.