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.