NEW YORK (TheStreet) -- TheStreet's Jim Cramer implores investors to stop freaking out about oil stocks, which have gotten hit very hard in the last several trading sessions.
Cramer reminds investors that major oil companies are not going to cut their drilling forecasts and simply have to produce oil. He notes Exxon Mobil (XOM) is a 50-year program, so there would not be any degradation there. He adds companies like Anadarko Petroleum (APC) and EOG Resources (EOG) have hedged so well and understood you should not play the price of oil.
Cramer says he is most concerned about smaller companies, some of which will be bailed out by the incredible run in natural gas. But he expresses caution on natural gas because the little guys are hedging in order to lock in some capital and take care of all the debt they have.
Cramer says he is just not that negative on the group, but he does particularly like the major independents if you think oil is going to climb above $80 or even stay there.XOM data by YCharts