Jim Cramer's Mad Dash: U.S. Oil to Hit 10 Million Barrels per Day

NEW YORK (TheStreet) -- Investors had the ultimate buying opportunity in Hess (HES) in mid-summer, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Cramer's Mad Dash" segment. 

The company will sell its retail business to Marathon Petroleum (MPC) for $2.6 billion. And while Hess has some favorable drilling locations, they are not as good as SandRidge Energy's (SD), which recently "doubled down" on the Eagle Ford shale, Cramer said. 

The Eagle Ford shale only produced 50,000 barrels of oil per day in 2011. Today, production has jumped to 1.4 million barrels per day, he noted. 

The U.S. is pumping 8.4 million barrels per day, Cramer said, the highest since 1986. He suggested that eventually, U.S. production could eclipse 10 million barrels per day. 

This is a "feel good story" for the U.S., which has been importing much less oil. Many oil companies want to export oil, he concluded, because we simply can't refine it all in the U.S.

-- Written by Bret Kenwell in Petoskey, Mich.

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

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