TheStreet.com TV Recap: The Corn Cartel

Baker Hughes (BHI Quote), on the other hand, is a "poorly executed company and is taking down its whole group," Cramer said.

Transocean (RIG Quote) -- which Cramer owns for his charitable trust, Action Alerts PLUS -- "is generating too much cash to be a public company," and Cramer said he's surprised a private-equity firm has not stepped in.

If people think there's a cyclical peak in oil, then they should sell Transocean, he said. "I don't believe that. I think Baker Hughes is just not a good operator.

"Transocean is not levered to the Gulf; it is levered to the rest of the world, and that's what's important," Cramer continued. "The ones that are not doing well are levered to this country and to Canada. The ones that are doing well are levered to the rest of the world."