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Norman, Okla. (

TheStreet

) -- "If you remember where the markets were a year ago, then you have to be impressed with where they are today," Jim Cramer told a live audience from the Price College Of Business at the University Of Oklahoma Friday.

He said while it may be hard to find a silver lining in today's trading, it helps to remember just how far we're come.

Cramer reminded viewers that just 12 months ago, our entire financial system was teetering on bankruptcy. There was doom and gloom in every paper and on every TV, he recalled. But now, he said, so many companies that were written off for dead back then are in great shape and are ready to seize the recovery at hand.

Cramer said no matter what sector you look at, whether it be manufacturing, technology, the financials, retail, or the oil and natural gas stocks, there are opportunities.

Cramer said he'd be a buyer of

3M

(MMM) - Get 3M Company Report

,

United Technologies

(UTX) - Get n.a. Report

and

Caterpillar

TheStreet Recommends

(CAT) - Get Caterpillar Inc. Report

for instance, once the market settles down.

He said he'd also be a buyer of

Apple

(AAPL) - Get Apple Inc. Report

on a big down day like today.

Cramer said the markets are well past the crash, and investors need to harness the optimism he's seen in Oklahoma, where the unemployment rate is just 6.5%, well below the national average. He said investors need to learn from the optimism and celebrate just how far the markets have come from their lows.

A Question of Educating

In the "Executive Decision" segment, Cramer spoke with Aubrey McClendon, chairman and CEO of Oklahoma based

Chesapeake Energy

(CHK) - Get Chesapeake Energy Corporation Report

, for a local read on the natural gas business in Oklahoma, which has the fourth largest gas reserves in the U.S.

McClendon said the problem with natural gas is that people don't realize just how abundant it is with recent discoveries in shale fields across the country. He said the industry needs to think differently and teach Washington about just how important natural gas is as a bridge fuel to the future.

When asked about the prospects of "clean" coal technologies, McClendon said simply that clean coal doesn't exist today, and he called the prospects of it ever being economically viable "insanity." Natural gas, in contrast, is available today, he said, and we already know how to run everything from power plants to cars with it. McClendon in fact, rides the world's only natural gas motorcycle, which he said is not only practical but "is also pretty cool."

McClendon advocated creating more incentives for people to use more gas. He said doing could create as many as one million high paying blue collar and white collar jobs here in the U.S. He said natural gas should not beed seen as a bridge fuel, but rather as a foundation fuel for a new economy.

Cramer said if investors think natural gas is headed higher, then he'd be a buyer of Chesapeake Energy.

Balancing Act

Cramer spoke with Larry Nichols, chairman and CEO of

Devon Energy

(DVN) - Get Devon Energy Corporation Report

, another leader in the oil and natural gas sector. Over the last 10 years, shares of Devon have appreciated 233%.

Nichols said his strategy at Devon has been a good long-term balance between oil and natural gas projects. He said while Devon is the largest producer of natural gas, it also has big oil projects as well, and is always focused on a long-term vision.

Nichols went on to say that his company never keeps all its eggs in one basket and adapts to changing conditions. For example, as natural gas prices plummeted over the last year, Devon has shut many of its wells, keeping them ready when demand returns to current supply levels.

Cramer continued to advocate the natural gas stocks, including Devon. He said over the last 10 years, they've been solid performers and will continue to be so.

Student Questions

As Cramer took questions from University Of Oklahoma students, he said that he still recommends that 10% of your portfolio be in gold and 20% in foreign stocks to help hedge against the U.S. economy and a falling dollar.

Cramer told another student that he's still bullish on

Freeport-McMoRan

(FCX) - Get Freeport-McMoRan, Inc. Report

as a play on growth in China.

Lightning Round

Cramer was bullish on

Kinder Morgan

(KMP)

,

Dr Pepper Snapple

(DPS)

,

Windstream

(WIN) - Get Windstream Holdings, Inc. Report

,

Clean Energy Fuels

(CLNE) - Get Clean Energy Fuels Corp. Report

and

JPMorgan Chase

(JPM) - Get JPMorgan Chase & Co. Report

.

He was bearish on

Williams Companies

(WMB) - Get Williams Companies, Inc. Report

.

To watch replays of Cramer's video segments, visit the Mad Moneypage on CNBC

.

Want more Cramer? Check out Jim's rules and commandments forinvesting from his latest book by

clicking here.

For more of Cramer's insights during the Lightning Round, clickhere

.

At the time of publication, Cramer was long JPMorgan Chase.

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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