Cramer's "Oil but Not Gas" Plays

Description:

The formula is simple. It's like a checklist for what you can and can't own in a slowing U.S. economy with credit woes throughout the system brought on by what always brings it on: declining underwriting standards.

Now, what can be bought? Oil -- but not gas, unless we get some sort of disruption of supply for the latter. Extracting oil anywhere but North America is the strongest area, followed by the integrated oils. Will natural gas come back? Everything will come back, but this is a checklist of what can be bought now.

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