Jim Cramer: Investors Should Stop Freaking Out About Oil Stocks

Oil stocks have gotten hit very hard but Jim Cramer tells investors to keep in mind that these companies all have different strategies. For example, he says, the majors are not going to cut their drilling forecast. Exxon is a 50-year program, there's not going to be any degradation there. In other words, the day-to-day price of oil isn't all that important to them. Though they may have to trim some fat, the long-term drilling program isn't all that impacted. Major independents like Anadarko and EOG tend to be the most forward-looking and are much more savvy. They have hedged so well, they understood that you shouldn't be playing the price of oil. Cramer says he particularly likes the major independents if you think oil is going to go above $80 or even stay there.