Jim Cramer: With No OPEC Deal, Oil Could Have Gone to $10

Katherine Ross

So, how's oil looking?

Jim Cramer interviewed Matt Gallagher, president and CEO of Parsley Energy (PE) - Get Report, on Mad Money Wednesday night.

The oil producer is calling for state-wide production cuts in the state of Texas to stave off a coming wave of bankruptcies that could cripple domestic oil production.

"Gallagher explained that oil demand has plunged over 30 million barrels a day. That level of disruption calls for everyone to chip in and do their part to curb production. He reminded viewers that if Texas was a country, it would be the third-largest oil producer in the world, which gives it a lot of say in how the industry responds to this crisis," wrote Scott Rutt in his Mad Money breakdown.

Watch the full video above for more.

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