This column was originally published on RealMoney on July 25 at 9:56 a.m. EDT.

Two, maybe three years before oil goes down. That's my takeaway from the conference calls last week from the two most important companies in the industry of finding oil and gas,

Schlumberger

(SLB) - Get Report

and

Halliburton

(HAL) - Get Report

. You can't drill big without bringing in these companies. They have the best overview, the best vision of what's going on worldwide.

Their vision shows that it is only now, just now, that the big reserve countries are starting to drill again.

In both cases, these two companies point out that the Middle East, where the accessible reserves are, is just now beginning to take these prices seriously and is beginning to explore more drilling. The time from drill to the pump, though, will be a couple of years.

I don't believe most market practitioners have a clue about how short-sighted this industry is. Every time the price of oil has jumped in the last 30 years, every country and every company has gotten on the bandwagon to find and drill, only to become laughingstocks and fools in the eyes of Wall Street. The collective thinking went something like this: "You can fool me only so many times. We are not going to open and explore new fields; we will just pump a little more and it will cool the price."

Well, it didn't. Not this time.

It was only

this

quarter that the major countries, Russia, Saudi Arabia, Mexico, Norway, started realizing that the price is for real. Only now have the big projects that could meet the demand gotten started.

To me, that means "Get used to these prices." We won't see any decline in them until these new fields -- not drilled yet -- come online. That will be 2007 at the earliest.

Which is why these stocks spiked, and will spike again. Because at last, the high price per barrel is translating into new orders and projects.

Image placeholder title

Random musings:

No,

eBay's

(EBAY) - Get Report

not done going up, but it should pause. ...

Apple's

(AAPL) - Get Report

finally getting credit again, after a prolonged period of underperformance. ...

bebe stores

(BEBE)

and

Urban Outfitters

(URBN) - Get Report

get the nod from Jeff Vinik, according to the papers, which should be good for another couple of points for those two hotties. ... What was the

Google

(GOOG) - Get Report

bear case again? ... How

pathetic is this

Xerox

(XRX) - Get Report

?

P.S. from TheStreet.com Editor-in-Chief, Dave Morrow:

It's always been my opinion that it pays to have more -- not fewer -- expert market views and analyses when you're making investing or trading decisions. That's why I recommend you take advantage of our

free trial offer

to TheStreet.com

RealMoney

premium Web site, where you'll get in-depth commentary

and

money-making strategies from over 50 Wall Street pros, including Jim Cramer. Take my advice --

try it now.

At the time of publication, Cramer was long Halliburton.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, 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

Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click

here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click

here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click

here to get his second book, "You Got Screwed!" and click

here to order Cramer's autobiography, "Confessions of a Street Addict."