Jim Cramer on Joe Biden, Green Energy and Big Oil

Jim Cramer, host of CNBC Crazy money, co-founder of Street, and former hedge fund broker and manager, spoke to Katherine Ross, correspondent at street, earlier today. Here’s what Cramer had to tell Ross about Joe Biden, with Janet Yellen being chosen for the post of Secretary of the Treasury, Green Energy, General Electric and Big Oil.

Jim Cramer take

Jim Cramer spoke about Yellen, which has an impact on energy – and frankly, everything on Wall Street:

I am very impressed that Janet Yellen may be Secretary of the Treasury. She is one of my absolute favorites. She’s brilliant, she’s reasonable, she knows what to do, she has a heart …

I think if Janet Yellen walks in that’s one of the reasons you see the market doing what it’s doing [the Dow Jones industrial average today topped the 30,000 mark for the first time]… Janet Yellen has long been viewed as a very strong and very intelligent advocate for the worker.

Cramer called Biden a “savior of the oil companies”. What did he mean by that, since he generally refuses fossil fuels? He explained to Ross:

I think you can keep buying Pioneer, Parsley, which is very well run and is a growth story… and you can buy Chevron because the dividend is good. The rest, for the most part – maybe Conoco – aren’t that much investable, I think, because what happens is they need significantly more oil than it is. And they count on more driving, on less oil. Perhaps that is why they are increasing. What’s going to happen … is that Biden is going to stop the massive drilling process where there is a lot of methane. And that means you’re going to end up with companies that have a lot of oil doing well, but not a lot of growth in the oil business.

On green energy, and why Cramer considers General Electric (GE) to be a “Biden stock”:

I’m glad you asked me the question. What does Biden mean? Clean energy. There is an article today in the [New York] Times that you have to focus on clean energy or he doesn’t really want to hire you. The best revolving game is GE. We want to get rid of coal-fired power plants, it’s GE’s [wind] turbines. We know there is going to be… I think… a very good rapprochement… not necessarily on the terms the Chinese want, or on the terms the United States wants, but there will be better blood. The peek strategy wasn’t what I wanted with China.

You can watch the entire segment here:

Taking Electrek

Amazing how many changes not just in a year but even in a day. Cramer has already stated, as Electrek wrote in January that fossil fuels are “over.”

So it’s interesting, for example, that he changed his mind slightly about Chevron. Whoever dies with the most “toys” wins, that’s basically what Cramer says about Big Oil. He said previously:

That’s why I said, Mike Wirth [chairman and CEO of Chevron] try everything they can, but in the end they produce fossil fuels, and… we’re in the death knell.

Chevron has a lot of catching up to do with the European fossil fuel giants, but at least it’s started to ramp up renewable activity. If he is to survive, he will have to transform faster and more radically.

Until then: Welcome to the new dawn of green energy in the United States. That is why Electrek endorsed Joe Biden, and clearly Wall Street doesn’t have a problem with the future under the Biden administration either. Wall Street looks forward, not back.

And Jim Cramer: We at Electrek will be happy to send you boxes of cranberry sauce and green beans (see the last five minutes of the clip). Happy Thanksgiving.

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