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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.
Cramer: Always Prepare for a Crash
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"I'm a lot more worried about another Valdez than I am about another Union Oil spill," he said.
Cramer supported the push for off-shore drilling to tap the estimated 18 billion barrels of oil and 76 trillion cubic feet of natural gas in areas that are currently off limits. "This could make a lot of money and put a lot of people to work," he said.
"I want more rigs," said Cramer, "we have the technology." He said he will be spending the rest of week on companies that are involved in clean offshore drilling.
Cramer recommended French seismic surveyor
Compagnie Generale de Geophysique-Veritas
( CGV) as his first recommendation for clean off-shore drilling.
CGV, as its known on Wall Street, is the only pure-play on offshore seismic technology, he said. The company's revenue is currently split between seismic imaging services and seismic equipment sales, with services accounting for 66% of its revenue.
According to Cramer, CGV controls 60% of the market for this type of seismic equipment, making it a market leader worldwide. The company is expecting strong growth, with increased demand from Brazil and the Gulf of Mexico. CGV's services are currently sold out for 2008 and its currently taking bids for its resources for 2009.
He called CGV "the cheapest stock left in the group," and recommended it as a buy on growth alone. He said that if Congress lifts the ban on additional off-shore drilling, it would be a windfall for CGV.
A Blockbuster Mistake
Cramer updated his "Wall of Shame" list of CEOs who destroy the value of the companies they head.
He added James Keyes, chairman and CEO of
( BBI), to the list for his plans to purchase ailing electronic retailer
Cramer said he was a big fan of Keyes and Blockbuster, even recommending the stock on March 7 at $2.72 a share.
Keyes, he said, was a fabulous CEO and a miraculous turn-around artist. In March, noted Cramer, Blockbuster was paying down debt, cutting costs, raising prices, and transforming itself into the place to not only rent, but also buy movies, games and more.
But then, said Cramer, in one single blow, Keyes destroyed 35% of his company's value and with it, and chance of continued success. "He totally wrecked the stock," said Cramer, noting that BBI shares are down 24% since the acquisition was announced.
He said Blockbuster could be worth as much as $5 a share if Keyes were to only scuttle the deal and walk away.
Cramer called the Circuit City deal ludicrous. He said Circuit City would be going out of business if left to its own devices. He asked why any company would pay a premium for a dying entity. "These are two different companies in two different businesses," he noted. "There aren't any cost savings here."
Cramer cited his own track record on Blockbuster as more proof that he knows the company and the industry. He recommended Blockbuster on Nov. 6, 2006, and told viewers to sell near its 52-week high on March 22, 2007 for a 56% gain.
With the stock now at a 52-week low, Cramer told viewers to stay away at all costs.
In this segment, Cramer told a viewer that if hedge funds win out over incumbent CEO Michael Ward of
, the stock might see a small boost, but long term it could be cut be a third.
"Those guys know nothing," he said, referring to the hedge funds calling for Ward's ouster.
Cramer told a second viewer that a rising tide will lift all boats, including the shares of
, which have been lagging its peers.
Cramer was bearish on
Cramer was bullish on
Nordic American Tanker Shipping
Cramer was bearish on
Orion Energy Systems
Buffalo Wild Wings
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At the time of publication, Cramer was not long on any stock.
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."
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