Cramer's 'Mad Money' Recap: June 23
06/23/08 - 07:52 PM EDT
TheStreet.com Staff
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"One oil spill in 1969 should not stop us from taking advantage of our national resource wealth," Jim Cramer told viewers of his "Mad Money" TV show Monday. Cramer acknowledged the critics of off-shore drilling who are scared of a repeat of the 1969 Union Oil off-shore spill that sent over 3 million gallons of crude oil into the Pacific Ocean off of Santa Barbara, Calif. But he said the current debate over whether to lift the moratorium on off-shore drilling in Congress and the presidential race has been made mute by technological advances in off-shore drilling. "We may not have the technology for clean coal, but we sure do have the technology for clean drilling, clean pumping and clean extraction of oil," he said. He said America's oil drilling technology is the best in the world and is used in other parts of the world. With the advent of 4D seismic technology, robotic drilling rigs, and cleaner and safer practices all around, drilling for oil and natural gas off-shore today is actually safer than bringing it into the country on an oil tanker, he said.
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