The average price for a gallon of gasoline in the United States rose nearly 12 cents in the past three weeks to about $3.51, due in part to higher prices for North Sea crude oil, according to the nationwide Lundberg Survey released earlier this week.

To capitalize on the higher gas price, oil and gas drilling companies are exploiting their reserves and increasing their outputs, Cramer said Thursday. The Lundberg Survey suggests the price of gas isn’t likely to fall anytime soon, so Cramer thinks these companies may enjoy increased profits for some time. To play this money-making trend, the “Mad Money” host listed his preferred oil and gas plays.

Devon Energy : This Oklahoma City-based company engages in the acquisition, exploration, development and production of oil and natural gas. It currently owns oil and gas properties across the U.S., including the Permian Basin in Texas and New Mexico, the Rocky Mountains and elsewhere. Executives decided that it’s the right time to look for additional oil prospects and the company has a new find that’s currently being kept under wraps, Cramer said. If it’s big enough, this latest discovery could move the needle for the stock, he added.

Magnum Hunter Resources : Headquartered in Houston, Magnum Hunter Resources is and oil and gas drilling and exploration company. In an interview with Cramer earlier this week, CEO Gary Evans said his company is drastically increasing output and basically transforming itself into a “drilling factory.”

SandRidge Energy : Oklahoma City-based SandRidge Energy seeking to profit from a higher U.S. gas price. The oil and gas drilling and exploration company is increasing production and acquiring additional oil properties, Cramer said. He also praised CEO Tom Ward for his execution.

EOG Resources : This is “one of the most undervalued oil companies on earth,” Cramer said. It has a huge presence in the Eagle Ford shale of Texas, which Cramer thinks is worth the price of the whole company. There is a lot more to this business, though, so Cramer thinks EOG is a major value.

Continental Resources : This Enid, Okla.-based company has a major presence in the Bakken shale, an oil rich region that stretches from Western North Dakota to Eastern Montana along the Canadian border. It could be the largest domestic oil find in nearly 50 years, according to CEO Harold Hamm. In turn, Continental is trying to turn North Dakota into the U.S.’s largest oil producing state, not including Texas.

CNBC.com with wires

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