"From our point of view, is that these held-for-sale oil and gas assets will be the determinant of the entire pricing environment for domestic acreage going forward, and therefore for the stocks themselves," the "Mad Money" host said.
And as crude teeters on the brink of either collapse in the price of oil or collapse in the value of U.S. shale properties, Cramer said this deal would be monumental in determining oil's fate.
"With these BHP assets for sale, we can find out what this shale acreage is worth. Estimates for the properties [are] all over the map. Suffice it to say that if there are bidding wars for these assets and they fetch anywhere near $10 billion, then every oil stock we follow is way too cheap and you've got to buy them hand over fist. Anything less than $7 billion, they get a big leg down," Cramer said.