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"The only thing that's working in this market is energy," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

Cramer is devoting this week to wildcat drillers -- companies that drill for oil in untapped areas of the world. He believes the success of wildcatters can go a long way to increase the supply of oil and represents the best way for investors to play the rapid rise in oil prices.

Cramer went to Peru to showcase what he called a great wildcat driller that is helping to meet the world's demand for oil. That company is

BPZ Energy

( BZP).

According to Cramer, BPZ is simply another play on increased oil production and higher oil prices. "It's just like pumping money out of the ground," he said.

Cramer said he's not worried about BPZ's assets or reserves being seized by the Peruvian government, which he called a "friend of capitalists."

Cramer put BPZ in the same category as another pick he made recently in Peru:

Credicorp

(BAP) - Get Credicorp Ltd. Report

, which has been up 18% since March 31.

BPZ, which currently drills both onshore and offshore in Peru, has 110 million certified barrels of oil in reserve, all coming from only one of the company's three main oil production areas, said Cramer.

Cramer: Coke, Pepsi Back on the Buy List

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While BPZ only produces 500 barrels of oil a day currently, the company is expected to produce up to 8,000 barrels a day by the end of 2008 and 11,000 barrels a day by the end of 2009.

Cramer said that while BPZ is currently 100% vested in oil, the company also plans to expand aggressively to go after finding and producing natural gas.

A Missed Opportunity

Cramer welcomed Rep. John Peterson (R., Penn.) to the show to discuss his proposal to extend offshore drilling from 50 miles to 200 miles off the coast, and thereby open up potentially billions of gallons of oil reserves to the country.

The bill, defeated today in the Subcommittee on Interior and the Environment, would be a boon for the offshore drilling complex, said Cramer.

Approval of the legislation would benefit Cramer favorites such as

Transocean

(RIG) - Get Transocean Ltd. Report

,

National Oilwell Varco

(NOV) - Get National Oilwell Varco, Inc. (NOV) Report

,

FMC Technologies

(FTI) - Get TechnipFMC Plc Report

and

Schlumberger

(SLB) - Get Schlumberger NV Report

.

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Peterson said he was surprised at the outcome of today's vote. With the country already 60% dependent on foreign oil, he said every vote against increased production is a vote away from energy independence. He explained that with oil at $135 a barrel, policies against more drilling just don't make sense.

Peterson said he doesn't subscribe to the philosophy that if the U.S. drills for more oil, it will focus less on alternative energy sources. He supports investment in both increased fossil fuel production as well as investment in wind, solar, nuclear and other alternative sources.

Peterson said that prices for oil currently are where they are without any major disruption of supply. That could change drastically in the event of severe weather, a terrorist attack, or other major event, he said.

Am I Diversified?

Cramer evaluated the portfolios of callers to see if their portfolios have what it takes.

The first caller's portfolio included:

Apple

(AAPL) - Get Apple Inc. (AAPL) Report

,

Disney

(DIS) - Get Walt Disney Company Report

,

Emerson

(EMR) - Get Emerson Electric Co. Report

,

Nike

(NKE) - Get NIKE, Inc. (NKE) Report

and

Blue Nile

(NILE)

.

Cramer said he's not a fan of Blue Nile, but blessed the portfolio as diversified.

The second caller's top holdings included

Ford

(F) - Get Ford Motor Company Report

,

Johnson Controls

(JCI) - Get Johnson Controls International plc (JCI) Report

,

Eaton

(ETN) - Get Eaton Corp. Plc Report

,

Trinity Industries

(TRIN)

and

Manitowoc

(MTW) - Get Manitowoc Company, Inc. Report

.

Cramer said both Ford and Johnson Controls are too much in the auto business and recommended selling one for either a healthcare or defense stock.

The third caller had

Apple

(AAPL) - Get Apple Inc. (AAPL) Report

,

Abbott Labs

(ABT) - Get Abbott Laboratories Report

TheStreet Recommends

,

Arch Coal

(ACI) - Get Albertsons Cos. Inc. Report

,

Morgan Stanley

(MS) - Get Morgan Stanley (MS) Report

and

John Deere

(DE) - Get Deere & Company Report

as their top five stocks.

After careful examination, Cramer said he liked all of these companies very much and owned Abbott Labs and Morgan Stanley for his charitable trust

Action Alerts PLUS. He called the portfolio "crystal clear diversification."

Mad Mail

In this segment, Cramer told a viewer that he's still a buyer of

Ingersoll-Rand

(IR) - Get Ingersoll-Rand Plc (IR) Report

, despite the recent departure of the company's CFO last week.

Sudden Death

Cramer was bullish on

Apache

(APA) - Get Apache Corporation Report

,

Kaydon

(KDN)

,

Petroleo Brasileiro

(PBR) - Get Petroleo Brasileiro SA Sponsored ADR Report

and

AES Corp

(AES) - Get AES Corporation Report

.

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Lightning Round

Cramer was bullish on

Molson Coors

(TAP) - Get Molson Coors Brewing Company Class B (TAP) Report

,

Costco

(COST) - Get Costco Wholesale Corporation Report

,

Wal-Mart

(WMT) - Get Walmart Inc. Report

and

Energy Conversion Devices

( ENER).

Cramer was bearish on

CSX Corp

(CSX) - Get CSX Corporation Report

,

Royal Bank

(RBS) - Get Royal Bank of Scotland Group plc Sponsored ADR Report

,

Washington Mutual

(WM) - Get Waste Management, Inc. Report

,

Home Depot

(HD) - Get Home Depot, Inc. (HD) Report

,

Onyx Pharmaceuticals

(ONXX)

,

Hudson City Bancorp

(HCBK)

,

Trina Solar Ltd

(TSL)

and

Intercontinental Exchange

(ICE) - Get Intercontinental Exchange, Inc. (ICE) 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 Morgan Stanley and Abbott Laboratories.

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.