Cramer's Take: Cramer said the stock that is "the tell" for him for gasoline is Valero Energy, which is down a quick $5, he said. "I think that worry [high gasoline prices] has passed." “Those margins cannot be sustained” Cramer said for Valero. “I want Valero sold." Cramer has mixed opinions on Valero but in a Mad Money Lightning Round he noted he was bearish on VLO Back in May Cramer admits, “I have had enough of Valero," Cramer said the refiners have had a good run but that the run may well be over, what with margins peaking and the summer driving season around the corner. Cramer said "you can't own these" with margins peaking, so he's selling the group.

Cramer’s Take: “GlobalSantaFe should be acquired by somebody because it has so much business to do," Cramer said. “Moreover, once the private equity firms realize the sustainability of the earnings in the sector, they should come in,” Cramer said. However, he doesn't expect this will happen until the fall But the fact remains that finding oil's become so difficult that you need the help of the major deepwater drillers – GlobalSantaFe along with the service companies Schlumberger -- to find and bring the oil to the market. In a Wall St. Confidential video Cramer says he like GlobalSanteFe for the long-term bullish trend in oil, adding alternative methods cannot compete with oil. Cramer believes people should consider buying GlobalSantaFe ahead of when it reports earnings, because he believes it will have a "blowout quarter."

Cramer’s Take: Cramer explains, “We all know that pressure pumping is weak because Schlumberger has been saying that for months. Schlumberger has also made it clear that it will get worse before it gets better.” Cramer says when announcements come out, a stock like Schlumberger will move up a lot, and then keep moving up. It's a very "unhealthy" pattern longer term, Cramer said, because the stocks shouldn't be going up over and over again on the same piece of information. However, he continues, the pattern "usually tends to last much longer than people think, which is why I'm advising people to go buy in-the-money calls," he said. If a stock is at $100, "go buy the $90 call," and as the stock gets hit, periodically buy more.

Cramer’s Take: Cramer says, “Occidental is telling you an interesting story. The management sits down with the sell side and everyone goes nuts for the name, even though there was little that was new other than the company spending a ton of money on capital expenditures, something that's viewed as negative in most industries. Cramer continues to explain, “Put simply, the oil group is discounting mid-$40s, and the longer oil stays up here and the longer it is clear that the price at the pump can be sustained without a drop-off, you have no reason to pay less than 10 times earnings for a high-quality, mostly domestic oil and gas producer.” Cramer sees a bunch of stocks on the decline that are interesting and Occidental is one of them. “It's been right to buy Occidental when it is down. I would swing at that one,” Cramer says.

Cramer’s Take: Cramer said his favorite coal name is Peabody Energy, a stock that was recently down on Goldman's downgrade. He says he would keep buying BTU even though people are betting against coal. Peabody, he said, is "well placed" to supply coal to China and India, with 8% of its reserves in Australia. Plus, China is getting rid of its import tariff on coal, which is good for foreign competitors such as Peabody that want Chinese exposure. Moreover, the stock is "cheap" now and "well behind" where it should be, given the spike in oil, Cramer said. Peabody has been smart, acquiring and divesting itself of different assets to become a "leaner, meaner" coal company, which is what Wall Streeters look for. Further, Peabody has "great visibility," he said, and is set to establish the first coal-to-liquids facility in the U.S. this year. It is the less-risky way to play the technology, Cramer said.

Cramer's Take: Some stocks have all the luck. This market just won't stop reaching for Transocean every time oil trades up a nickel Cramer owns RIG for his charitable trust, Action Alerts PLUS, he said- "This is the go-up anointed stocks," Cramer said. "Don't fight it. Join 'em."

Cramer's Take: Petroleum refiner and marketer Tesoro has been rated a buy since May 2005. The company's stock has surged over the past year, thanks largely to strong earnings growth. TheStreet.com Ratings expects Tesoro to build on these gains in the coming months. TSO's biggest weakness is low profit margins

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