Cramer has been waiting with bated breath for some sort of collapse of oil. With all these talks of a $48 oil price causing oil companies to go bust, where the heck is the collapse?
Since the collapse of oil prices, 25 "troubled" oil companies have found a way to raise money through the stock market. In fact, these companies have come to market with a stunning $8.3 billion to help get them out of debt and fund drilling.
But that's not only it. Cramer sees three key life preserving factors in the oil patch that has kept it afloat:
No. 1 Banks haven't been requiring a ton of equity to lend money to the oil players.
No. 2 Drilling budgets have been cut dramatically, but so has the cost of drilling. It has been reduced to $20,000 a day from $29,000.
No. 3 The amount of time to drill a well has also been cut substantially. Thanks to new inventions in technology, and drilling companies selecting only their easiest properties to drill, what used to take 25 days now only eight.
"Put it all together, and I'm making a bold call here. If oil stays even at these reduced levels, I'm calling this the crash that never happened," Cramer said.
At this point there is so much capital sloshing around in the oil patch, Cramer thinks that the state of the oil patch is certainly far from disaster. And yes, he would rather still buy restaurant and supermarket stocks right now, but investors can breathe easy knowing that the end of the oil world is not here.
