Anadarko Rings the Bell

Now someone might believe that the oil group is cheap.

I have been saying for months that the dislocation between what oil companies think of each other and what Wall Street thinks of the oil companies is ridiculous. Wall Street is saying that oil is going to $45, but Main Street thinks oil is correctly priced, in part because the futures market says it is.

Kerr-McGee (KMG - commentary - Cramer's Take) has been cheap for ages. But now, with the price of oil so high and the valuations so low, Anadarko couldn't resist it. The fact that it is a cash bid is even better. And this is after Kerr-McGee has done its best to create value for its shareholders.

I don't think it takes a genius to go down the list of producers and figure out that so many of them are now buys.

What is Royal Dutch (RDSA - commentary - Cramer's Take) going to do to replenish? What is BP (BP - commentary - Cramer's Take) going to do? How about Occidental (OXY - commentary - Cramer's Take), now that it lost Ecuador?

Plus, we will look back and think how advantageous it was that Chevron (CVX - commentary - Cramer's Take) bought Unocal and ConocoPhillips (COP - commentary - Cramer's Take) bought Burlington (BNI - commentary - Cramer's Take). Right now those stocks are getting hammered because of these acquisitions. In reality, they should be praised.

Thanks, Anadarko, for the wake-up call. Oh, and I'm throwing in Western Gas Resources (WGR - commentary - Cramer's Take) and Stone Energy (SGY - commentary - Cramer's Take) as added evidence.

At the time of publication, Cramer had no positions in any of the stocks mentioned.

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Jim 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 Action Alerts PLUS. 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.

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