Value Oil Play

"We're entering a new era of high oil prices," Cramer told viewers, as he kicked off a week-long series on stocks that will benefit from permanently high oil prices.

His first pick, Fluor ( FLR), the engineering and construction company that gets 60% of its revenues from the oil and gas industry. Cramer currently owns shares of Fluor for his charitable trust, Action Alerts PLUS .

Cramer explained that Fluor is the top engineering and construction firm on earth, with excellent know-how and the reputation to prove it. Yet shares of the company are off 17% for the year, falling some 20 points from its 52-week high. Shares of Fluor now trade at just 14 times earnings, while historically the company usually trades at 19 times earnings, with its peak at 22 times earnings.

Flour did miss estimates when it reported earnings on Nov. 3 and offered only conservative guidance, but Cramer noted that the company's higher costs stemmed from a single wind farm project that has kept a lid on the stock. THat project is now 90% complete and should only impact one additional quarter, he said.

But more importantly, Cramer said that engineering and construction companies should be valued on their backlogs. Fluor currently has a $42 billion backlog of business, up 26% from last year. That compares to its rivals, all of which saw a decline in their backlog thanks to Euro fears and the economic slowdown.

With all of its divisions doing well, the company's stock buyback program and $7 a share in cash, Cramer said the Fluor is set to prosper as oil prices remain high for the foreseeable future.

Lightning Round

Cramer was bullish on ( BIDU), Kohlberg Kravis Roberts ( KKR), KKR Financial Holdings ( KFN), SPDR Gold Shares ( GLD), ValueClick ( VCLK) and Google ( GOOG).

Cramer was bearish on Tesla Motors ( TSLA), iShares Silver Trust ( SLV) and Carnival ( CCL).

Lightening Up on Tech High-Fliers

In his "No Huddle Offense" segment, Cramer opined on the resurgence of the high-multiple stocks like ( CRM), Chipotle Mexican Grill ( CMG) and even Netflix ( NFLX).

Cramer said this current rally was started by companies like Apple ( AAPL) and Google ( GOOG), but was fueled even further by the takeover of SuccessFactors ( SFSF) by SAP ( SAP).

Cramer characterized the move as a classic multiple expansion, in which the markets are willing to pay more for future earnings. But Cramer remained cautious, saying that he likes buying these high-fliers when the earnings rise, not the market's perception of those earnings. He advised lightening up on these names and waiting for next earnings season to buy more.

--Written by Scott Rutt in Washington, D.C.

To contact the writer of this article, click here: Scott Rutt.

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At the time of publication, Cramer was long Fluor.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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