Looks like the OPEC Grinch won't be using its pricing power on oil to steal Christmas this year.
But maybe the Grinch didn't have the power over the price of oil that we originally believed?
Jim Cramer speaks to a lot of executives during the day, and he keeps expecting one of them to mention the negative ramifications of low oil prices. That hasn't happened yet.
"Instead. I keep hearing echoes of Dave Cote's remarks that oil has been kept artificially high for way too long, and that you are now seeing the real price of the commodity," the "Mad Money" host said.
Cote, the CEO of Honeywell, pointed out that it is completely realistic to think that oil would decline simply because of excess supply and reduced demand. The large quantity of oil that the U.S. is producing would eventually make it a marginal producer, especially lacking an outlet for all of the oil. That means the U.S. would not need to import foreign oil any longer.
"You take that market away, you take away China because of long-term contracts from Russia to keep currency reserve on high, and you get a real price," Cramer added.
Cote also added that he thinks that the slow recovery off the bottom is due to the fact that oil has been priced unnaturally high for such a long time. One after the other, Cramer is hearing from industrial companies on how the decline in oil has been good news. The lower cost has also proven to be a stimulus for Europe, which is why Cramer thinks so many industrial stocks rallied last week.
Cramer was originally worried that it would be bad news for a company like Boeing, as airlines won't want to retire the old gas guzzling airplanes. However, it looks like the airlines are still buying more fuel efficient aircrafts to take advantage of the low fares and expand routes.
"This new price is the market price, and I don't think we are going back to the controlled price any time soon because our market is being shut down to exports and our market is gigantic," Cramer said.
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The low price of black gold is reaping benefits everywhere, and Cramer is hearing it from the happy CEOs he has spoken to. It could even accelerate hiring across the country as every business, with exception of those in the oil patch, now that the crude commodity is finally at the key price it deserves.
Going into 2015 it looks like low oil is here to stay, and the OPEC pricing power is saying bye-bye.
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