Cramer: Costco could gain from falling oil prices

Retailers such as Costco could see a big benefit as oil prices keep dropping, according to Jim Cramer.

"Raw costs are coming down, and at the same time there is more traffic," he said on CNBC's "Squawk on the Street" Thursday. "People are spending again and that's the theme."

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The retailer reported on Thursday its December same-store sales grew 3 percent, 0.2 percent above estimates.

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Cramer added "there's way too much being talked about [that] capital expenditures in oil is coming down.

"That's really concentrated in Texas, Louisiana and North Dakota," he said. "Let's not lose sight of the fact that $1,000 more in people's pocket is being spent in retail."