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Jim Cramer officially declared Wednesday BOGO day for the oil market.
BOGO is a term often used in retail to mean buy one, get one free. When a food or consumer products company is in a price war, usually one of the competitors will throw in a BOGO deal to annihilate its competition.
Unlike a price war that benefits the consumers of a supermarket, the price war on oil is killing the stock market.
When Iran came back online over the weekend, it wasted no time trying to take market share from the other producers out there, such as Nigeria, Venezuela and Saudi Arabia. It took share by cutting deals that some say are like buying one tanker filled with 2 million barrels of oil and getting a second one free.
Read more from Mad Money with Jim Cramer
Cramer added that the cost of Iranian oil is now well below $13 a barrel. That's almost the same as two boxes of cereal.
People should be jumping for joy that oil prices have plummeted so low. But the only winners from the spare change at the pump seem to be the convenience stores that sell products like Monster Beverage, Coca-Cola, PepsiCo and any kind of beer.
The real losers of this price war are the oil producers of the United States, especially those that have hedges that will come off in 2016 and are frantically trying to cover debt payments.
"BOGO in the oil patch is not like a price war, it is like a real war, meaning it is good for absolutely nothing," Cramer said. (Tweet This)