Cramer doesn’t understand what the problem is.
It’s a classic case of bad Main Street but good for Wall Street.
Over the weekend the Organization of Petroleum Exporting Countries announced surprise plans to cut production, with the proposed cuts starting in May and lasting through the end of the year.
The decreased production will be sure to drive up gas prices around the world, hurting regular citizens, but benefiting those invested in the oil industry.
Cramer is bullish on the oil industry at the right time after prices sunk as low as $73 and $67 per barrel internationally and domestically, respectively.
On Monday, West Texas crude prices jumped 5.4% to $79.75 per barrel while international benchmark Brent crude prices also climbed 5.4% to $84.23 per barrel.
But Cramer says he is not new to the party. He has been advising those who pay for his investment advice to purchase oil stocks even when prices were falling.
In a decision that pre-empts a meeting of OPEC members, as well as non-member allies such as Russia, slated for today in Vienna, nine members of the group unveiled plans to cut a further 1.66 million barrels of oil from its total daily output.
The agreement means OPEC+, which includes Russia, is taking nearly 3.4 million barrels of crude from the market each day, a level that’s equivalent to around 3.7% of daily global demand.
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