Skip to main content TV Recap: Oil Stocks Still Have Gas

Cramer says inventories aren't the big deal some people are making them out to be.

People have to stop trading off of oil's bearish inventory data, Jim Cramer said on TV's Wall Street Confidential

Web video Wednesday.

Investors are trading off a very small part of the market, which is U.S. inventories, and that's "stupid," he said. Stocks trade off of beating earnings estimates, and "all of the oil stocks will beat earnings estimates."

They also trade off of capital redeployment, Cramer added. "If you look at


(CVX) - Get Chevron Corporation Report

, they're buying back $15 billion

worth of shares," he said. Yet the stock is down today because of inventories.

The oil group is "such a natural place to go" that Cramer said he has to emphasize to everybody to find an oil stock and go with it. He pointed out


(SLB) - Get Schlumberger N.V. Report

Scroll to Continue

TheStreet Recommends

, which is down by more than 3%, as a buying opportunity.

"Any time oil goes down under $80

a barrel, you have to buy an oil," Cramer told viewers. "Do I think oil is going to $100? Yes, I do."

The Organization of the Petroleum Exporting Countries wants to send oil higher "because they're getting killed on the dollar," he said.

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. Watch Cramer on "Mad Money" weeknights on CNBC. Click

here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click

here to order his 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

clicking here. has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from