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The recent huge find in oil reserves in the Gulf of Mexico isn't good just for the companies involved, but it also will put a cap on oil costs -- and drive the entire stock market higher as a result, said Jim Cramer on his "RealMoney" radio show Tuesday.

It's been the threat to the oil supply that has continued to move oil prices higher and higher, Cramer said, and even with the talk of alternatives to oil, there is no one alternative that can take oil's place during his lifetime. People are never going to be able to build enough wind mills, and coal is too dirty. Therefore, "we need to find new oil," he said.

That's exactly what happened today with the announcement from


(CVX) - Get Chevron Corporation Report


Devon Energy

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, which "nailed" a major oil discovery in the Gulf.

Devon Energy, which Cramer owns for his charitable trust

Action Alerts PLUS, is up 8 points, and Chevron is up 2.

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"The way for oil companies to move their stocks up is to find oil," Cramer said. "These finds will put in a ceiling on oil." That, in turn, will soothe skittish stock investors, and help move the entire market higher.

Acquisition Fever

There is a new pattern in the market, which is that "the Japanese are back," and "they are in acquisition mode," Cramer told listeners.

Asahi Tec

, a Japanese auto-parts manufacturer, on Friday agreed to acquire

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, a U.S. competitor that makes engine parts, for $200 million, Cramer said.

Back in the late 1980s and early 1990s, "hardly a week went by when the Japanese didn't buy one of our companies, particularly our high-tech companies," he said. Then the Japanese economy fell apart.

But Cramer called the Asahi Tec/Metaldyne news "a radical shift by the Japanese."

"They will come back," he said.

Sears Will Soar

There are many companies out there that are buying back stock, said Cramer.

"Some say it's to support the price of their stock during these turbulent markets, and others say it's a sign that these companies are confident in their business that they will buy their stock at bargain prices," Cramer said.

Taking a look at



, a stock that Cramer owns for his charitable trust

Action Alerts PLUS, Cramer said the company bought back 2 million shares last month.

"There is more to a store than just how it looks," he said. "There are the profits, and at Sears, the profits are immense."

In fact, the company doesn't have that many shares outstanding, with about 60 million shares free to trade, Cramer said.

This third-largest retailer in the country has "aggressively been buying back stock," he said.

"If you don't own it, you are going to miss out," Cramer said. "I believe it is going much higher."

On a separate note, gold is going up, Cramer said.


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is Cramer's favorite play in the gold space, but he also believes that


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is a very good company.

Cramer's Callers

"I'd step up to the plate and buy


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," Cramer told a caller.

"It is not a damaged company, but a damaged stock, and damaged stocks come back," Cramer said.

Cramer told a caller who inquired about


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that when market players make a significant amount of money on a stock and don't take anything off the table, it's problematic.

On other hand, Cramer said he's been buying Qualcomm aggressively for his charitable trust

Action Alerts PLUS.

The company charges too much, so


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are not happy with it, said Cramer.

When Qualcomm went to $32, it lowered expectations dramatically, and "when you lower expectations, you can beat expectations," Cramer said. The stock was recently at $38.95.

"Sell half and let the rest run," he advised. "I believe you'll make some money off of it."

Responding to another caller, Cramer said he is worried about


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because the company recently missed its quarter "really big."

Although Cramer said he's been searching for the reason why it missed its quarter, he can't seem to find any explanation and advised the caller to wait.

"If you own it you could hold it, but I wouldn't start a new position on it until I get a better read on the company," Cramer said.

Cramer told a caller that he believes

General Motors

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is going higher and could reach $40. It was recently at $30.51.

At the time of publication, Cramer was long Devon Energy, Qualcomm and Sears Holdings.

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

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

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