This column was originally published on RealMoney on May 15 at 1:46 p.m. EDT. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

Geopolitics and reality are driving these drilling stocks relentlessly higher. So many analysts have said that this move isn't sustainable, day rates can't climb or natural gas drilling will remain in a permanent bear market that now, when the stocks won't quit, people are at last talking about the secular growth story instead of the inevitable boom-bust one.

Of course, as soon as you say secular growth about a group that

has

been cyclical, you tempt fate and raise a lot of hackles. But the fact remains that finding oil's become so difficult that you need the help of the major deepwater drillers --

GlobalSantaFe

(GSF)

and

Transocean

(RIG) - Get Transocean Ltd. Report

-- along with the service companies --

Baker Hughes

(BHI)

and

Schlumberger

(SLB) - Get Schlumberger NV Report

-- to find and bring the oil to the market.

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Now we're layering on a spike in nat gas and, I believe, soon a concomitant spike in nat gas drilling that will ignite the

Halliburtons

(HAL) - Get Halliburton Company (HAL) Report

of the world. I think we are seeing that with

Diamond Offshore

(DO) - Get Diamond Offshore Drilling, Inc. Report

today with the strength off the Credit Suisse upgrade.

This is an odd time for the group. So many analysts have gone negative that there's really no strong champions.

You know what that means: This group has legs. Big legs.

At the time of publication, Cramer was long Transocean and Halliburton.

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