Jim Cramer Says the Big Oil 'Glut' Isn't as Big as You Think

TheStreet's Jim Cramer is questioning the consensus that there's a big oil glut in the United States, asking why the U.S. is importing oil if there's a glut. Jim said $43 a barrel is a key level for oil, and it he holds oil stocks will bounce, and if doesn't energy stocks will keep selling off. Jim pointed to the negative news that has impacted oil and energy stocks as of late, including Exxon (XOM) and Chevron's (CVX) earnings last week, and the prospect for more Iran oil supply. But he added while things look bad, the glut is not as big as you think. Jim owns several stocks in his Action Alerts PLUS charitable trust portfolio, including EOG Resources (EOG), which he said has the best growth of the group, Occidental Petroleum (OXY), which he said has the best balance sheet of those companies somewhat levered to oil plus it has a good dividend, and Energy Transfer Partners (ETP), because more pipelines are needed. Jim added that Marathon Oil (MRO) is more questionable, and that the company is doing okay but it is a likely takeover target.