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Cramer: Huge development for US oil business?

(Click for video linked to a searchable transcript of this Mad Money segment)

Jim Cramer says recent developments in the oil business aren't getting nearly the attention they deserve.

"I'm talking about how the Commerce Department gave Pioneer Natural Resources and Enterprise Products Partners permission to export what's known as condensate, which is basically light crude oil put through a very cheap distilling process."

Although these developments may seem a little wonky, Cramer said the broad takeaway is that sentiment is shifting at the highest levels of government.

Guy Vanderelst | Photographer's Choice RF | Getty Images

"Under current law it's perfectly legal to export refined fuels like gasoline, but you're not allowed to export unrefined oil," Cramer said. "It's been that way since the OPEC embargo almost 40 years ago."

Although developments don't lift the ban outright, "Allowing some companies to export condensate suggests, at least to me, that the Obama administration is chipping around the edges of the export ban. If I'm right, that would be a huge positive for business," Cramer said. "In turn, I can see new guidelines coming that are more friendly to the industry."

Although it would take an act of Congress to lift the ban altogether, Continental Resources CEO Harold Hamm is committed to seeing it repealed. Of course, it would benefit his company significantly, however, on "Mad Money" Hamm added that, contrary to popular opinion, exporting crude should benefit US consumers, too.

That's because, "Prices at the pump are based off Brent which is significantly higher than WTI, the US benchmark" said Hamm. "Exporting WTI into the world oil market would lower the global price of oil. In turn that should send gasoline lower, not higher."

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Although nobody can see the future, Cramer said if Congress does lift the ban it could be hugely positive for both industry and consumers. What else is there to say, except Cramer told you developments were big.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

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