What Alaska Means: Stick With Energy

The Arctic National Wildlife Refuge drilling failure is Exhibit A in the case for why you can't walk away from this energy group, even as it seems that the majors are totally stalled. You can't walk away from it because the vote reveals what a bunch of jokers we are as a nation about energy.

If we aren't willing to compromise on the frozen tundra, on a desolate area that would have led to minimal environmental damage -- and I went up to Alaska last year by plane to check out the areas where the drilling is now, so I am not speaking idly -- we aren't going to get any other easy oil in any of the other drillable areas that have environmental problems.

As ConocoPhillips (COP - commentary - Cramer's Take) says, in a rare true commercial about energy, there is a gap, a huge gap, between what we produce and what we consume. Now that prices have become more realistic, the gap will get filled, but not in time to make it so that we will have low prices in the near future.

If you are an oil company without big reserves, it doesn't mean much; you are just a wasting asset. If you are like a Talisman (TLM - commentary - Cramer's Take) -- and there aren't many of those -- you have a chance for big earnings in the next few years.

And if you are a driller, in deep water, where nobody seems to care, or if you have good relations with other countries that aren't as precious as ours, you will make out like a bandit. That's why I believe decisions like our Senate's failure to allow drilling in Alaska will only make Halliburton (HAL - commentary - Cramer's Take), Baker Hughes (BHI - commentary - Cramer's Take), Schlumberger (SLB - commentary - Cramer's Take) and Foster Wheeler (FWLT - commentary - Cramer's Take) (pipeline and refining infrastructure) worth more than they were just Wednesday.

Random musings: I talked about Talisman last night on "Mad Money," named it my stock pick of the day. Keep up with how that call performs; use "Cramer's Mad Money Performance," a new service from TheStreet.com that follows the picks and stock mentions from my "Mad Money" television show. Click here to check out "Cramer's Mad Money Performance."

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At the time of publication, Cramer was long Halliburton and Foster Wheeler.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for ActionAlertsPLUS. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.