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.