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Discovery Paves the Way to an Oil Peak

By Jim Cramer

 About this article:
 An oil discovery worth noting -- hallelujah! From the beginning of this historic run in oil, I have said that you will not get a peak until we discover more oil and oil companies can flood the market with oil that's in safe, non-political areas. Like the Gulf of Mexico. And we finally got some, this Gulf discovery by Chevron, Devon and Statoil, deep under the waters covering the Jack field. What's important about this find -- beside the fact that I have been buying Devon aggressively for Action Alerts PLUS! -- is that I believe this will be the first of many finds that would have seemed uneconomic three or four years ago. Some oil companies, notably the two main ones involved here, Chevron and Devon, have been big believers that oil is going higher. Devon's been saying that for a half-dozen years. Chevron bought Unocal, a sign...

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