Cramer's 'Mad Money' Recap: June 24

In addition to Oceaneering's ROV business, Cramer also noted its ROV umbilical business, which supplies power and fluid cables between the ROVs and their ships and platforms.

This business, he said, doubled between 2004 and 2006 from 21% of Oceaneering's business to 42%. With investment in offshore drilling expected to rise from $204 billion from 2002 through 2006 to $305 billion from 2007 through 2011, Oceaneering is poised to prosper.

Cramer noted that Oceaneering is also a hurricane play. The company participates extensively in post hurricane inspection and cleanup, and saw a 37% boost in profits in 2006 after hurricane Katrina decimated the gulf oil region.

With Oceaneering expected to grow at 30% a year, Cramer called the company cheap at today's prices.

Curtailing the Ethanol Mandate

Cramer called the current U.S. ethanol mandate "the single biggest blunder I can recall." The program, which converts 30% of the nation's corn crop into just 3% of its gasoline needs, benefits no one except corn growers, he said. Instead the program just increases food prices and further promotes a global famine, he added.

Cramer welcomed Senator Kay Bailey Hutchinson (R., Texas) to the show, to discuss her recent bill to freeze the biofuel levels at their current amount, and not gradually raise them through 2022 as current law mandates.

Hutchinson said the consequences of higher food prices were never considered when the original ethanol mandate was crafted to make cleaner burning gasoline. She said the loss of corn for food not only affects chicken, beef and pork prices but also puts pressure on wheat and other grains and raises the cost of bread and other items.

Hutchinson said she supports a balanced plan to energy independence. She said that fossil fuels are needed in the short term to bridge the gap, until more sustainable and environmentally friendly alternatives are available.

She supported both a short-term plan with more oil and a long-term plan that that pushes increased alternative energy such as wind, solar and nuclear power.

Hutchinson also expressed support for increased offshore drilling. She explained that there hasn't been a major offshore accident in decades and she hopes others in Congress will wake up to the notion of safer, cleaner, offshore options.

A Steel Equipment Play

Cramer recommended graphite electrode maker GrafTech (GTI Quote) as "the steel play you've never heard of."

A long time bull of the steel industry, Cramer last featured the group on March 26 at his live show from Penn State University. On that show, he recommended US Steel (X Quote), which has risen 50% since the recommendation.

According to Cramer, there is a renaissance going on in the steel business and "it's not over." GrafTech, which makes electrodes for arc furnaces, is one of the primary beneficiaries of the boom.

Cramer noted furnaces require one electrode for every 8-10 hours of operation, and with furnaces running at full capacity, the supply and demand equation is incredible.

GrafTech was able to raise its prices three times in the past year, accounting for a 42% increase in prices overall. The company is cleaning up its balance sheet, buying back debt and initiating a 3 million share repurchase program.

Cramer said he's not backing away from any of his prior steel recommendations. He still sees a continued shortage of steel in the US and abroad, and sees the U.S. as a major exporter of steel around the globe.

He again recommended US Steel, along with Reliant Steel (RS Quote) and Nucor (NUE Quote).

Mad Mail

In this segment, Cramer told a viewer that he still stands by his game plan recommendations of Wells Fargo (WFC Quote), Toll Brothers (TOL Quote) and Owens-Corning (OC Quote) from last week, but reminds viewers that these calls are for a trade only, and he's not a buyer of any of the names over the long haul.

He advised viewers to sell all three if the oversold market doesn't produce a pop in the names within the next week.

Lightning Round

Cramer was bullish on Chesapeake Energy (CHK Quote), Alcoa (AA Quote), Medtronic (MDT Quote) and Bristol-Myers Squibb (BMY Quote).

Cramer was bearish on Wachovia (WB Quote), Cemex (CX Quote) and Intrepid Potash (IPI Quote).

Want more Cramer? Check out Jim's rules and commandments for investing by clicking here.

For more of Cramer's insights during the Lightning Round, click here.