Cramer's Wall St. Confidential: Not Trusting Energy

Although oil stocks got a bit of a bounce today and Friday, Jim Cramer said on TheStreet.com TV's Wall Street Confidential video Monday that he still doesn't trust these stocks.

People knew the price for oil stocks were ahead of the price for oil, but they held these stocks up and now they have cratered, he told Aaron Task, the host of Wall Street Confidential.

When oil prices were this high before, Exxon Mobil (XOM Quote) was in the $60s, whereas right now it is in the low $70s, Cramer said.

He also said that he was "blindsided" by the ConocoPhillips (COP Quote) disclosure of poor margins. After saying "a lot of really good things" at its meeting a few weeks ago, Cramer said he was surprised at Conoco's news.

Cramer said he is trying to figure out whether Conoco is a buy or sell, but is leaning toward it being a buy because the company is "very committed" to its stock. He said he likes Chevron (CVX Quote) for the dividend.

Continuing onto health care, Cramer said it's strange that after being down, drug stocks are picking up precisely when Democrats are out talking about how the government should negotiate with drug companies to lower drug prices for Medicare beneficiaries. "Maybe the issue with drug stocks is that it's clear that you can't change the Medicare policy like we thought," Cramer said.

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