There are still bright spots in this otherwise blighted market, Cramer said Friday.
Should the price of oil continue to climb, for example, the "Mad Money" host recommends looking at on-shore shale plays. Cramer has long been bullish on these on-shore oil plays, but it seems the media is now catching on. The New York Times recently reported that new on-shore oil fields could increase the U.S.'s oil output by 25 percent within a decade. The increased production could not only lessen the U.S. dependency on foreign oil, but create jobs, too.
Simply put, Cramer called the discoveries "game changing." Today's technology makes getting the oil a lot easier and so long as oil stays above $60 a barrel, Cramer thinks the shales make economic sense. More importantly, though, is how investors can play them.
Potentially the largest discovery in U.S. history, the Bakken shale stretches between North Dakota and Wyoming. To play it, he likes Hess , EOG Resources , Continental Resources and Whiting Petroleum .
Located in south Texas, the Eagle Ford shale is currently producing more than a hundred thousand barrels of oil a day. EOG is the best way to play it, Cramer said, because it's the biggest producer there. He also likes Petrohawk , which owns about 350,000 net acres in the area. Although it's mainly a natural gas producer, it's shifting toward oil and liquids.
Pioneer Natural Resources is also well-positioned in the Eagle Ford with roughly 120,000 net acres. It's currently running nine rigs and plans to have a total of 12 running by mid-year.
EOG, Petrohawk and Pioneer are also located in the Permian Basin, which is located in southeastern New Mexico and west Texas. The area already produces roughly a million barrels of oil a day. By using new technologies, producers are now able to get more out of the Basin than they used to. To play it, Cramer likes the three aforementioned stocks, but said SandRidge is a pure play on the Permian, however, speculative.
When this story was published, Cramer's charitable trust owned Hess.
Call Cramer: 1-800-743-CNBC
Questions for Cramer?
Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com