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TheStreet Open House

Cramer: Energy Independence Is Upon Us

Stocks in this article: CLB SLB EOG F

NEW YORK ( TheStreet) -- Lindsey Bell: Last night, Jim had Core Labs (CLB - Get Report) on Mad Money, and the big news here is there is not only one, but two, undiscovered big shales here in the U.S. How big are we talking?

Jim Cramer: OK. You know, sometimes you get an interview and you realize that the takeaways are so huge that it's kind of mind-blowing. David Demshur is a very conservative man, he's the CEO. He came on and he point-blank said, "Eagle Ford, Bakken are huge shales, and there is definitely one other out there, maybe two." Now, how big are these? Mark Papa, the CEO of EOG Resources (EOG - Get Report), has said that Eagle Ford is a Saudi Arabian-like field. That means everywhere you put a drill bit, you find stuff. Bakken has already been considered to be as big as Prudhoe Bay, the 1960s find that was the largest find in 50 years. Bakken is not as big as Eagle Ford, but they're both gigantic. The fact that there's a third could mean that we won't even have to import oil to North America in 2015.

Lindsey Bell: Wow. That soon.

Jim Cramer: Yes. Much quicker than people realize. It's possible, if there are two finds, that the continental United States itself, not just the North American continent, could be energy self-sufficient by, say, 2017, 2018. This is remarkable. Now, why should Core Labs know? Lindsey, they are the guys who map out the reservoirs. So there isn't anyone in better shape to know.

At the same time, benefiting Core Labs is Mexico, which is really beginning to drill very aggressively after multiple years where they weren't. They all have money because they're deregulating PEMEX. It actually costs money to buy gasoline now in Mexico. I think more important for Core Labs is Iraq. Now, we always heard that Iraq had the possibility of producing 10 million barrels. That was in 2002. The drilling in Iraq, it looks like it belongs to Core Labs. I thought Schlumberger (SLB - Get Report) would be bigger. Schlumberger does compete with them in some ways, but this is a big story for Core Labs. The stock is not up enough, and it's a huge story for America if we really do have those two finds.

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