Tired of sky high prices at the pump. So's Cramer.
According to the Mad Money host, they should be significantly lower, at least here in the US.
But the issue isn't nasty oil companies gouging the little guy. The issue isn't even a burst of violence in the Mideast. Instead, high prices at the pump are a result of a faulty market mechanism.
"The worldwide market for oil is priced off of Brent crude. And right now the price is absurdly high; yet it controls the entire market," Cramer said.
Brent is dominant in Europe and it's also used in parts of Africa and Asia. Because it's so widely used, it's become the global benchmark. That is, markets believe demand for Brent more accurately reflects the global oil picture than demand for any other type of oil including WTI or West Texas Intermediate.