Is Pricey Oil Necessarily a Bad Thing? By Jim Cramer About this article: Here's a potent question -- do we want oil down? In the early 1980s, when we had a market led by Schlumberger , we wanted it higher because we liked the leadership. Obviously we are now in the price range where the consumer is getting hurt big, but there was lots of belief way back then that the consumer was going to get hurt, and we knew for a fact that she did after the late-1970s oil shock. This position, that higher oil might be good, is pretty antithetical to most views. But there is so much money going toward alternatives and so much money in the sector that would that it is possible the market would actually embrace still-higher prices. Think about the S&P. It is no longer a financials-dominated index. Energy is more important. The swing on Exxon is more important than the swing... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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