CNBC's 'Mad Money w/ Jim Cramer' visits oil countryKILLDEER — Keeping a keen eye on the stock market might be a part of Jim Cramer’s job, but on Wednesday he stepped foot in “the heart of the domestic oil revolution” to investigate the opportunities associated with life in the oil field.
By: Klark Byrd, The Dickinson Press
KILLDEER — Keeping a keen eye on the stock market might be a part of Jim Cramer’s job, but on Wednesday he stepped foot in “the heart of the domestic oil revolution” to investigate the opportunities associated with life in the oil field.
Cramer is the host of CNBC’s “Mad Money w/ Jim Cramer” which filmed an installment of its series “Investing in America” on location at a pumping unit west of Killdeer.
The show tries to educate viewers how to analyze stocks and markets through a “prism of events,” according to the CNBC “Mad Money Manifesto.” However, this was a chance for Cramer to educate the nation about the land of oil and honey.
Cramer spoke with The Dickinson Press during an interview before filming of the show.
“You have the great story of all time happening here. It is a story that has everything that is going on in the world,” he said. “Growth versus no growth, oil versus no oil, fossil fuel versus green. All the great dichotomies are right here.”
Executive Producer Regina Gilgan said the show has been discussing the Bakken and related companies for months but “it was time to put boots on the ground” and see it in person.
“It was an honor to put our roots down here, if only for a short time,” she said after filming. “We are in some dark times across this nation, it was energizing to be in a place of great hope.”
Armstrong Corp. President Mike Armstrong of Dickinson interacted with the crew during a barbecue the night before filming and he said he was happy to see the state get coverage.
“I think it is a good opportunity to be seen for what it (North Dakota) is and the tremendous amount of activity and the beauty and panorama,” he said. “It gives people more knowledge and lets them know we are for real and have a thriving industry and have a ‘get after it’ spirit of hard work.”
While the U.S. struggles with high unemployment and energy prices that are hindering economic revival, activity in the Bakken formation may provide individuals the surge for financial stability and people need to know about it, Cramer said.
“If you want to talk about opportunity, you come here,” he said. “My show is about opportunity — not about hope because hope is not a strategy — opportunity to go and create something and cash in on it, so to speak, and I don’t think there is opportunity like here anywhere else.”
Cramer speculates that oil activity will trigger employment opportunities for hundreds of thousands of people. He said that jobs wouldn’t be directly oil-related, but would become available through a ripple effect.
Gov. Jack Dalrymple addressed the question during his interview with Cramer.
“Well, that’s potentially true. But, you know, the development of an oil basin, you know, does have to take place somewhat gradually,” he said.
Throughout a continual push for energy independence, Cramer said coming to Killdeer allowed him to investigate the merits of U.S. oil reserves.
“You come out here because you want to find out whether it is for real,” he said. “There is a major reversal of oil from the United States and that is because of the Bakken. So if you are going to try and figure out what our situation is going to be like in our country in terms of geopolitical situation, it’s here.”
However, there are always growing pains when the industry begins to expand.
“Nobody is ready for oil, it is a rush almost like the 49ers,” Cramer said. “The issues of growth and expansion are very painful for the people who were here to start and very bountiful for the people who want to cash in.”
Even with the growth and activity, Cramer suggested steering clear of oil stocks because they do not yield enough.
“They are growth stocks, but they don’t have the defense you need from a big downdraft of the market, that scares people,” he said.
Cramer said he was excited to inform the nation about the activity in North Dakota.
“You are an untold story,” he said.
The show aired at 4 p.m. and 9 a.m. on Wednesday.