Jim Cramer Says He Sees Oil Settling in the Mid $60 Range

Jim Cramer says the U.S. is flooding the world with oil and gasoline as American companies try to maintain market share. Cramer adds that although the uses for oil have come down in the U.S., we're still a gigantic user so it's definitely a plus that oil has come down but you'll have to deal with some over-stretched balance sheets of some of the companies. All you have to do is look at the companies that have had the biggest declines, he says, many of these have giant loan burdens from buying oil properties. So there is going to be a lot of compression in the oil stocks balance sheets but otherwise smooth sailing for the consumer. Cramer says he sees oil trying to settle in the mid $60s.