We have to do something about sky-high oil prices, Cramer said Wednesday. But OPEC isn't raising production due to oversupply and the White House isn't raising margin requirements, which would drive out hedge funds that use borrowed money to drive prices higher.
So what can be done? Cramer thinks the U.S. Congress should pass the Nat Gas Act of 2011, which would restore the tax credit for natural gas-fueled vehicles that expired in December. It would also double the credit from $32,000 to $64,000, which is big enough to make truck owners switch from diesel to nat gas.
Cramer has long pushed for the passage of this legislation. Perhaps with high oil prices and fears of a worsening economy, the bill can soon become law. To play it, he likes nat gas spec Westport Innovations because it transforms petroleum-fueled engines into those that can run on compressed nat gas or liquefied nat gas.
To learn more about Westport, Cramer interviewed its CEO David Demers. Check out the video to see the full interview.
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