Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
A tour bus carrying Chinese-speaking tourists crashed near a national park in southern Utah, killing at least four people and critically injuring up to 15 others, authorities...U.S. Newsread more
Blame it on the Permian Basin. Or just blame it on ourselves, since both of the success and demise of oil are in our hands.
In the current state of the oil and gas industry, the Bakken in North Dakota is producing an awesome 1.1 million barrels a day. The Eagle Ford region is producing a whopping 1.5 million barrels a day. But the Permian upstages them all, and is producing an amazing 1.7 million barrels: which could double in the next two years.
That's right. Jim Cramer said it could double.
Magellan Midstream Partners CEO Mike Mears spoke with the "Mad Money" host on Thursday to give additional color about just how realistic this claim could be. Magellan Midstream runs the pipelines out of the Permian and is an authority on the matter. Mears confirmed that they are seeing the numbers jump every day, and that he can't rule this theory out.
Mears says that right now the country has enough storage for the oil that is being produced, but if the levels continue to jump we will not have the proper storage or refining capacity to handle the oil.
Concerned, Cramer thinks the decline in oil price is a very big issue for the economy.
Currently, the oil boom is self-fulfilling at this pace. Based on this new information, Cramer said that talks of being self-sufficient by 2020 are off the table. At this pace, it could be three years.
Read more from Mad Money with Jim Cramer
Time to bring in the buyers?
Cramer: Dispelling the market's smoke and mirrors
Cramer: Activists are picking on the wrong chiefs
But without the proper storage, we will have to cut back on drilling. And if oil prices continue to keep going down, budgets will be cut as well.
In other words, Cramer thinks that oil is sowing the seeds of its own demise, being pushed along by OPEC countries that don't want the U.S. to be self-sufficient.
"Think about it. We have no energy policy. We don't have a fossil fuel friendly president who sees what is about to happen: overproduction with no place to put the oil," Cramer added.
This might just be a nightmare scenario, but with no government to prevent it and given how stocks have been pricing lately, Cramer thinks this could indeed become a reality.
Call Cramer: 1-800-743-CNBC
Questions for Cramer? firstname.lastname@example.org
Questions, comments, suggestions for the "Mad Money" website? email@example.com