Some have recommended BP because its share price has fallen so far, but Cramer called it "a very dangerous stock," an "unanalyzable security" because of this crisis. He isn't sure if he would recommend Chevron or Exxon Mobil right now, even though both have no direct exposure to BP's spill, because the fallout has spread to most of the oil sector.
For those still interested in this space, Cramer noted that refining margins are up.
"Everyone is raving about refiners," he said, adding that he likes Marathon Oil because it has the newest refinery and the greatest margins.
When this story published, Cramer's charitable trust owned Marathon Oil.
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