Cramer: Almost None of the Oil Companies Saved for a Rainy Day

TheStreet's Jim Cramer says few of the oil companies failed to consider how low oil could go and how little cash flow they would have in such a scenario. Cramer says of the oil sector, 'almost no one kept a rainy day fund except for EOG (EOG) which has a great balance sheet and that's why it remains one our few holdings in oil for Action Alerts PLUS.' He says Saudi Arabia 'destroyed the pricing, and the market never thought that they would, it never thought that Saudis would come in against them.' Cramer questions whether the management teams of any of these companies ever talked to the Saudis about global politics. He writes in Real Money that the oil companies never bothered to think about what would happen if Saudi Arabia decided to go to 'everyday low pricing and wipe out all of the moms and pops, which is exactly what's happening.'