NEW YORK ( TheStreet) -- I sat down with Jim Cramer today to discuss the International Energy Agency report and how it might translate into some actionable ideas. One idea for the long term is in refining.

With the IEA calling for another 4 million barrels a day of crude supply coming on line in North America over the next five years, there will be an inevitable glut of crude that our demand just cannot use up. But as of now, exporting domestic crude is not permitted by law.

But exporting of refined products is. I can make a strong case for the very profitable business of gasoline and heating oil arbitrage, particularly between the U.S. and Europe. One of the refiners that is poised on the East Coast to take advantage of that increasing cheap supply and European arbitrage opportunity is PBF Energy ( PBF).

I talk more about PBF and other refiners in the video I shot with Jim above.

At the time of publication, Dicker was long CVRR, although positions may change at any time.

Dan Dicker has been a floor trader at the New York Mercantile Exchange with more than 25 years of oil trading experience. He is a licensed commodities trade adviser.

Dan is currently President of MercBloc LLC, a wealth management firm and is the author of "Oil's Endless Bid," published in March of 2011 by John Wiley and Sons.

Dan Dicker has appeared as an energy analyst since 2002 with all the major financial news networks. He has lent his expertise in hundreds of live radio and television broadcasts on CNBC, Bloomberg US and UK and CNNfn.

Dan obtained a bachelor of arts degree from the State University of New York at Stony Brook in 1982.