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Jim Cramer: Why the Market Should Be Down More Because of Oil

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Jim Cramer thinks that oil is far less important in the markets. 

In the old days, he told TheStreet, the markets would have fallen over 500 points based on the attacks in Saudi Arabia, which impacted their oil production. 

"I keep thinking how much some market would have been down the old days. You take out half of the production, currently a lot of LNG too, out of Saudi Arabia. And obviously with the threat of war because it was done with drone, you know, we should be down 500. But in the new world, the Permian, this is a huge win for the Permian, for everybody it produces where, you know, a lot of companies that reliquify. And there's just an understanding that we are the marginal producer," said Cramer. 

Watch the full video above for his thoughts on oil.

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