Oil prices rose in recent days as Hurricane Barry approached the Louisiana coast, leading to the evacuation of important oil rigs in the Gulf of Mexico -- and Barry won't be the last tropical weather that we'll see this summer and fall. As we head into the heart of hurricane season, how should oil investors approach their portfolios?
TheStreet founder and Action Alerts PLUS portfolio manager Jim Cramer shared his best advice during a recent Cramer Live show, which appears exclusively on TheStreet each market day at 10 a.m. ET.
Here's what he had to say about oil prices and Hurricane Barry, which AccuWeather estimates will cause more than $8 to $10 billion of damage.
"Recognize that we are putting out more and more oil every day," Cramer said. "We did 12 million barrels last week -- 12 million barrels a day, and that wasn't supposed to happen. We will be at 17 million in a couple of years. We've had to trim all oils [in Cramer's portfolio of stocks that he invests for charitable reasons], because the world's against fossil fuels just when we're producing more and more oil. So if you have a hurricane and [oil prices] temporarily spike -- which a lot of people thought they would -- then you sell."
You can watch Cramer's full take in the video above.
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