Despite a sharply reduced drilling for natural gas, it might still be too soon to call a bottom in the commodity, “Mad Money” host Jim Cramer said Tuesday.
Cramer rattled off a list of reason why natural gas should be doing well, from plans to begin exporting North American supplies to utility companies partnering with nat gas companies; from the widespread abandonment of coal plants old and new, to an increase in new trucks and locomotives designed to operate on natural gas.
“And you know what? It’s all for naught,” he said. “No bottom call can be worth squat without some real push from Washington, and we aren’t getting it, nor from either candidate.”
Cramer noted that Mitt Romney’s energy advisor, Continental Resources CEO Harold Hamm, is a dyed-in-the-wool oil man.
“I ought to know. I spent a couple of days with the guy in the field, and the greatness of Hamm and his Bakken North Dakota fields is that they provide relatively clean burning oil that’s perfect for gasoline,” he said.
And since Hamm isn’t a fan of natural gas, neither is Romney.
President Obama isn’t much better for the natural gas industry.
“He never stops staying that nat gas is just one of many fuels, and we know he and his base are anti fossil fuel,” Cramer said. “He’s not a fracking defender, either.”
Until Washington begins to support natural gas as the fuel of the future, there’s no certainty that it’s hit bottom — something related stocks show, too.
“Sure, they may have bottomed, but they haven’t gone higher. Don’t bet on them rebounding in the near future without a change in the political climate,” Cramer said. “And I don’t see that happening any time soon.”
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