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Oil's not a tax on everything -- it's a tax on the consumer. That's what I come down to when I see the charts this weekend and ponder what's happening in so much of industrial America.

Company after company that I examine -- the new techs, as I call them -- actually benefit from higher oil prices. Or they can pass them on with ease, because of the worldwide demand being so strong.

Take all of the companies involved with making a


(BA) - Get The Boeing Company Report

: Boeing itself,


(AA) - Get Alcoa Corporation Report



(HON) - Get Honeywell International Inc. Report


Precision Castparts


being good examples. Each of these is necessary because the new Dreamliner burns lots less fuel, and with fuel the biggest airline cost, it stands to reason that higher energy prices make the plane more desirable even at a higher price point.

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Or how about all of the companies involved with process and flow control and efficient motors:


(PH) - Get Parker-Hannifin Corporation Report



(EMR) - Get Emerson Electric Company Report



(ETN) - Get Eaton Corporation PLC Report



(FLS) - Get Flowserve Corporation Report

. Those work higher with higher energy prices.


(CSX) - Get CSX Corporation Report


Burlington Northern

( BNI),

Kansas City Southern

(KSU) - Get Kansas City Southern Report


Union Pacific

(UNP) - Get Union Pacific Corporation Report


Norfolk Southern

(NSC) - Get Norfolk Southern Corporation Report

are smaller energy users than trucks, and they ship plenty of ethanol and fertilizer.

Of course everything farming:


(DE) - Get Deere & Company Report





Du Pont

(DD) - Get DuPont de Nemours Inc. Report



(AG) - Get First Majestic Silver Corp. (Canada) Report









(MOS) - Get Mosaic Company (The) Report


Archer Daniels

(ADM) - Get Archer-Daniels-Midland Company Report

(these are big companies in market cap now, powers of the


or companies just waiting to get into the S&P but stalled by a lack of mergers). And everything that drills, ships and transports oil and gas:





(PKD) - Get Parker Drilling Company Report



(WFT) - Get Weatherford International plc Report






(NE) - Get Noble Corporation plc Report



(RIG) - Get Transocean Ltd (Switzerland) Report


FMC Tech

(FTI) - Get TechnipFMC plc Report



(OII) - Get Oceaneering International Inc. Report

and so many others -- and of course,


(HAL) - Get Halliburton Company Report



(SLB) - Get Schlumberger N.V. Report


And then there is oil and gas itself, ever a larger portion of the S&P. Look at the charts during last week's run:


(APA) - Get APA Corporation Report



(APC) - Get Anadarko Petroleum Corporation Report



(NBR) - Get Nabors Industries Ltd. Report



(XOM) - Get Exxon Mobil Corporation Report



(CVX) - Get Chevron Corporation Report



(OXY) - Get Occidental Petroleum Corporation Report



( XTO),


(SWN) - Get Southwestern Energy Company Report



(CHK) - Get Chesapeake Energy Corporation Report




: these all count.

Coal, of course, is a huge beneficiary. Infrastructure works because these companies get the benefits of the oil companies' largesse by being able to build energy-related production centers.

Even the autos can be viewed as benefitting, as the newer cars use less gas than the old ones, making them viable alternatives in multiyear paybacks. Along those lines, energy-efficient appliances get a boost.

Then there are the myriad energy-alternative plays that are always dominating the headlines but haven't yet made it into the S&P or are very small parts of the S&P: the wind plays --


(TRN) - Get Trinity Industries Inc. Report


Woodward Governor

( WGOV),

Owens Corning

(OC) - Get Owens Corning Inc New Report

(also insulation); solar --

First Solar

(FSLR) - Get First Solar Inc. Report

($24 billion market cap),


(SPWR) - Get SunPower Corporation Report

, and all the Chinese plays that people love so much.

Pipelines galore:

Kinder Morgan




(EPD) - Get Enterprise Products Partners L.P. Report




, so many others.

Many companies are neutral -- financial, telco, utilities -- although some benefit from the price umbrella of higher oil costs and can pass on costs they don't have. Tech's been fairly neutral. The weaknesses we have seen in tech are related to consumer slowdown (customers such as

Office Depot

(ODP) - Get The ODP Corporation Report

) or financial. Media's neutral, too. Health care can't be considered a negative either when it comes to energy consumption.

Most of the conglomerates say they are energy-positive:

United Tech

(UTX) - Get n.a. Report

and, famously,


(GE) - Get General Electric Company Report

, which has said that its fortunes should improve as oil goes higher, although we haven't seen that yet.

We know there are plenty that don't. Anything that is sold in the supermarket. Anything retail. Anything that uses oil or natural gas and can't really pass it on: Minerals and mining (although global demand really helps), glass (although recycling really helps, as in the case of


(OI) - Get O-I Glass Inc. Report

), and chemicals and the paper producers.

But those companies aren't that important anymore, even though they dominate the consciousness of the marketplace, despite the encroachment of energy as a part of the S&P 500.

In fact, if finance could turn itself around -- something that seems increasingly possible, although it has sucked up a huge amount of capital and done nothing -- you could argue that we are on the cusp of a major move as it dawns on people that energy isn't the tax it used to be.

There are plenty of 30,000-foot flaws to this. We have seen time and again that our own growth in this country is heavily consumer-related. But the industrial growth owes itself not to the U.S. consumer, but the worldwide consumer.

All of these facts can go far toward explaining how higher oil prices have not been able to block the advance of the S&P or the

Dow Jones

averages. In fact, if the latter were more responsive to energy -- the Chevron nod was accompanied by ne'er-do-well

Bank of America

(BAC) - Get Bank of America Corporation Report

instead of a Deere or another oil play like an Occidental or a Schlumberger -- we would be taking out 13,000 with ease.

All of this is worth thinking about when you are gloomy, because it doesn't add up to a decline, it explains the



Keep it in mind during the next downturn. It explains a lot why they've been fairly shallow.

And I don't expect anything deeper now that finance seems to have stabilized.

At the time of publication, Cramer was long XTO and Owens-Illinois.

Jim Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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