NEW YORK (TheStreet) -- TheStreet's Jim Cramer says he does not trust oil right now because he does not know where all this oil is going to go.
Cramer says the U.S. is "madly" pumping oil to the point of a "gigantic glut," and he thinks there is no real market for the additional oil, nor can the U.S. export it yet.
Cramer explains that the S&P goes down every time oil prices go down. He questions when this will change and when investors can start thinking about good things with regard to world growth because of oil. He says he does not think this will happen at all, but says it should because lower oil prices will stimulate growth throughout the world.
Cramer adds investors are in "total fear mode" right now, and he does not see this ending yet. He thinks oil should stabilize because at some point we will use more of it. But this hasn't happened yet, so Cramer tells investors to brace themselves for dips in the market thanks to oil.