Jim Cramer Says BOGO Is a Bad Thing When it Comes to Oil
Usually when you hear 'buy one get one free' you think you're getting a good deal, but TheStreet's Jim Cramer says BOGO isn't good when it comes to oil.
Usually when you hear 'buy one get one free' you think you're getting a good deal, but TheStreet's Jim Cramer says BOGO isn't good when it comes to oil. Cramer says Iran is essentially have a BOGO sale of oil,’ with refinery buyers able to 'buy one tanker and get another free.' Iran is able to sell oil at such low prices, that the U.S. can't compete. That's weighed on some oil companies like Anadarko Petroleum (APC), Apache (APA), Chesapeake Energy (CHK) and Freeport McMoran (FCX). Oil prices have retreated once again this week, dropping below $27 a barrel on Wednesday, and weighing on the overall stock market. Jim Cramer is portfolio manager of Action Alerts PLUS.
