The general rule-of-thumb is, if you can do it using a single SQL statement instead of using PL/SQL, you should. It will usually be more efficient.
However, if you need to add more procedural logic (for some reason), you might need to use PL/SQL, but you should use bulk operations instead of row-by-row processing. (Note: in Oracle 10g and later, your FOR loop will automatically use BULK COLLECT to fetch 100 rows at a time; however your insert statement will still be done row-by-row).
e.g.
DECLARE
TYPE tA IS TABLE OF FOO.A%TYPE INDEX BY PLS_INTEGER;
TYPE tB IS TABLE OF FOO.B%TYPE INDEX BY PLS_INTEGER;
TYPE tC IS TABLE OF FOO.C%TYPE INDEX BY PLS_INTEGER;
rA tA;
rB tB;
rC tC;
BEGIN
SELECT * BULK COLLECT INTO rA, rB, rC FROM FOO;
-- (do some procedural logic on the data?)
FORALL i IN r.FIRST..r.LAST
INSERT INTO BAR(A,
B,
C)
VALUES(rA(i),
rB(i),
rC(i));
END;
The above has the benefit of minimising context switches between SQL and PL/SQL. Oracle 11g also has better support for tables of records so that you don't have to have a separate PL/SQL table for each column.
Also, if the volume of data is very great, it is possible to change the code to process the data in batches.