(This story is for CNBC PRO subscribers only.) As oil prices falter, Jim Cramer believes there's no compelling reason for investors to jump into the sector. "I think that oil is a perma short," the "Mad Money" host said Wednesday. "I mean someone came out today and recommended Continental Resources and I wanted to say, 'You know what? Quit your job, it's OK,'" he said. The unprecedented drop in oil demand amid the global pandemic sent prices tumbling in April, with West Texas Intermediate crude , the U.S. oil benchmark, plunging into negative territory for the first time on record. Since then, some ground has been recovered and WTI traded around $37 per barrel on Wednesday. However, this is still far below the more than $60 WTI fetched at the beginning of the year. Additionally, WTI dropped nearly 8% on Tuesday amid ongoing demand concerns, illustrating just how sensitive the sector is to an economic recovery. "I mean these stocks are just wasting assets. You think all this money going into EV [electric vehicles] is because oil is going to be a great investment? No, and there's oil everywhere," Cramer added. He's been avoiding the sector for some time. "The oil patch is falling apart. ... This is the other bomb that's dropping," he said in April as Whiting Petroleum filed for bankruptcy protection .