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NEW YORK (
) -- Sometimes stocks get so cheap you just have to take notice. That's what Jim Cramer told Lindsey Bell at
Wednesday when discussing a recent interview with the CEO of
(EXXI - Get Report)
, a company that revitalizes old oil and gas fields by using the latest in new drilling technology.
Cramer said that Energy XXI has great operating cash flow and a terrific long-term story and plainly, should be bought at these incredibly low valuations. However, he acknowledged that since Energy XXI is not a new, sexy company operating in the oil shales and instead operates in the boring Gulf of Mexico, he understands why the company is not a takeover target and isn't catching the eye of private equity.
Cramer also commented on the notion of North American energy self-sufficiency. He said that with the amount of oil recently discovered in the Bakken and Eagle Ford shales, coupled with Canadian oil sands, our continent could indeed break free from OPEC. That will require a move to switch America's 18-wheelers from diesel to natural gas however, something that Cramer pegged as happening by 2018.
Watch the full Cramer interview
--Written by Scott Rutt in Washington, D.C.
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