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"Instead of freaking out over the price of gasoline, why not make some money from it," Jim Cramer told viewers of his "Mad Money" TV show Monday.

According to Cramer, the stratospheric rise in the price of oil is not being driven by speculators as many analysts and pundits claim.

Instead, he pointed out three reasons why oil is at $135 a barrel. First, the old oil fields are drying up. Second, it's getting more difficult to find new oil and get it out of the ground. And third, the demand for oil is growing every day, especially in China, India and the rest of the developing world.

"It now takes twice as many rigs to pull the same amount of oil out of the ground and now we need even more of it," he said. Because of this continuing trend, Cramer turned his attention to the wildcat drillers, who explore and drill previously untapped areas of the world.

Cramer added

Petrohawk Energy

(HK)

to his ever-growing list of "must own" oil and natural gas stocks, calling it one of the lowest-cost producers of oil and gas in the group.

The company currently boasts 1.1 trillion cubic feet of natural gas reserves, and with new properties being developed in the shale fields of Arkansas and Louisiana, it could add 1.6 trillion cubic feet in its reserves.

Cramer called Petrohawk a $48 stock masquerading as $35 stock. He added the company to his other favorites, including

Devon

(DVN) - Get Report

,

Southwestern Energy

(SWN) - Get Report

,

Apache

(APA) - Get Report

,

XTO Energy

(XTO)

,

Chesapeake

(CHK) - Get Report

,

Anadarko

(APC) - Get Report

and

Ultra Petroleum

(UPL)

.

Cramer: If Your Stock Needs Oil, Don't Own It

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Cramer owns XTO Energy and Southwestern for his charitable trust,

Action Alerts PLUS.

A Stealth Green Play

Michael Thaman, chairman and CEO of

Owens Corning

(OC) - Get Report

came on the show to discuss his company's growing wind power and energy conservation businesses.

Cramer last recommended Owens Corning back on May 12 at $24.74 a share. Since then, shares of Owens have climbed to $28.58, only to retreat to Cramer's original recommendation price.

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Thaman said that Owens Corning is the leader in insulation business, and that by their estimation, 60 million homes in the U.S. are under insulated. He reminded homeowners that insulation is the cheapest way to lower energy consumption.

Cramer noted Owens Corning's promising composite business, especially in the wake of the growth of wind power.

Thaman said that the wind power industry has historically underestimated demand, and he expects to see another five to 10 years of strong growth in the industry. He said Owens is now building up to eight tons of fiberglass for a single windmill blade, making it lighter, stronger and more efficient.

Thaman acknowledged the troubles in the company's roofing business, but he feels the situation has stabilized and the company is getting costs and demand realigned.

Cramer continued to back Owens Corning and Thaman, calling them important elements of his "new tech" thesis of companies that work on the world's most important problems.

The Genius of Icahn

Cramer pondered his own sanity before telling viewers that he actually recommends buying both

Motorola

( MOT) and

Yahoo!

(YHOO)

.

Cramer explained that while he hates both companies for turning great brands and franchises into mockeries, and while he loathed both company's CEOs enough to add them to his "Wall of Shame," he has faith that one man can turn them around.

He said activist investor Carl Icahn is the only one who can unlock the value in the two failing entities. He recommended piggy-backing off of Icahn's moves and taking advantage of what Cramer called a "proven strategy."

Cramer cited

BEA Aerospace

( BEAS), Kerr McGee and

Time Warner

(TWX)

as recent examples of Icahn's success in turning around companies.

In addition to the Icahn factor, Cramer said both Motorola and Yahoo! are cheap. He told investors to absolutely not buy these companies for their on-going businesses, but only for the potential Icahn can potentially unleash from them.

Mad Mail

Cramer told a viewer that the recent insider selling in

First Solar

(FSLR) - Get Report

was just so large that he couldn't continue to be behind the company. "No company will receive my backing with that much insider selling," he said.

Sudden Death

Cramer was bullish on

Valmont Industries

(VMI) - Get Report

and

Transocean

(RIG) - Get Report

.

He was bearish on

Dell

(DELL) - Get Report

.

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Lightning Round

Cramer was bullish on

CVRD

(RIO) - Get Report

,

Discovery Holdings

(DISCA) - Get Report

,

Terex

(TEX) - Get Report

,

Caterpillar

(CAT) - Get Report

and

Mechel Steel

(MTL) - Get Report

.

He was bearish on

Aircastle

(AYR) - Get Report

,

Dryships

(DRYS) - Get Report

and

China Mobile

(CHL) - Get Report

.

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

.

At the time of publication, Cramer was long XTO Energy and Southwestern Energy.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.