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Oil sunk deeper yet again on Wednesday, leading many to speculate that the drop in oil prices is a downside for the U.S. economy. Run for the hills, everyone!
Wait…not so fast. Jim Cramer doesn't buy that theory.
The "Mad Money" host has chosen to take a different angle on oil and thinks that it is the offset that is driving so many individual companies to report strong numbers.
"One thing is for certain: The big run in the averages, the gigantic leap we have had over the last month has been totally coincident with the decline in oil. So anyone who actually sells stocks other than oil equities on a decline in crude, is delusional and must be quickly prescribed mind altering drugs or be ushered out of the stock game," said Cramer. Yikes!
In fact, low oil prices are a wish-come-true considering the headwinds consumers are facing right now. The battle of high food prices at the supermarket and high health care costs due to the Affordable Care Act are impacting people with low-paying jobs. These are precisely the people who need low gasoline prices.
It's a good thing gas is cheap at the pump to offset your $12 bunch of grapes at the supermarket.
The companies that have advanced in the market are mainly led by two different breeds of stocks: the oil consuming companies, and the spare change corporations that do better with stronger consumers.
Specifically, airline and restaurant stocks are making a killing.
"It's a comfort to see the airlines, which had been such leaders of this market and then became the Ebola whipping boys, bouncing back so smoothly. "
Perhaps one of the direct beneficiaries of low oil is the restaurant industry, added Cramer. Stocks such as Panera and Chipotle have bounced back to their levels they were at before quarterly reporting. Cramer also thinks Darden is also a terrific buy, sans Red Lobster.
Read more from Mad Money with Jim Cramer
Cramer Remix: These stocks are far from over
Cramer: Oil is not dead yet
Cramer: Don't sleep on the market, still gains to be had
There are still concerns that people in the 16 oil producing states will have their income reduced due to the potential decline of oil drilling budgets. However, before that concern becomes legitimate, Cramer pointed out that there is no decline to actually speak of that has occurred. Additionally, after listening to the conference calls of the oil companies he is no longer concerned for the on-shore drillers.
So while the decline in oil may cause some to fret, Cramer thinks that consumers should enjoy the offset that it is bringing to the economy. For once individual stocks are benefiting from oil, instead of just a handful of oil companies and greedy OPEC.
Call Cramer: 1-800-743-CNBC
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