April 9, 2022 – The Street
Cramer's Mad Money Recap 4/8: BlackRock, JPMorgan, Goldman Sachs
By: Scott Rutt
Where's Crude Headed?
What's next for the price of crude oil? Cramer checked in with trusty colleague and oil expert Rusty Braziel, executive chairman at RBN Energy, to find out.
Braziel explained that despite what you might hear from the White House or Congress, oil production in the U.S. is increasing. Production is up 4% so far this year and is on pace to increase 8% year over year.
Why isn't it up more? Braziel said costs are soaring, up 40% to 50% for some producers. It's also hard to find crews to man additional rigs and it's still hard to find truck drivers to transport oil where pipelines are not available. Add to that environment issues and investors who demand fiscal discipline and it's easy to see why things are the way they are.
As for all of those "windfall profits" that politicians like to cite, Braziel defended his industry, saying that oil is a cyclical business. Oil producers need to make profits in the good times so they can survive in the bad times. If they sold oil at break-even prices today, they'd be out of business a year from now.
Read the full article here: https://www.thestreet.com/jim-cramer/cramers-mad-money-recap-april-8-2022
