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Cramer: High Prices at the Pump Didn’t Have to Happen

After oil prices tumbled to less than $100 a barrel Thursday, Cramer called upon the regulators that oversee oil market to have the same “guts” as the silver market and hike the margin requirement.

Oil futures are a joke, the "Mad Money" host claimed, arguing the price of the futures don't accurately reflect the supply demand dynamic.

“How could our country’s whole economic well-being be dependent upon a future that obviously is not working as a barometer of what the true price is?” he said.

“We’re in glut in this country,” Cramer exclaimed. “We’re producing so much more oil now that we were two years ago.”

Raise the margins "and you save the Western world from recession that's caused by higher gasoline prices."

This is all eerily similar to what happened in 2008, Cramer said, when oil touched $147 a barrel and then dropped sharpely.

“It’s the same thing again and yet we don’t learn our lesson.”

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  • Jim Cramer

    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

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