• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  1. Home
  2. / Investing
  3. / Energy

Dems and GOP Ignore Simple Jobs Program

They work so hard to stop our own resources from coming in to play and block new job creation.
By JIM CRAMER Nov 14, 2011 | 07:11 AM EST
Stocks quotes in this article: HAL, CLR, BEXP, CLH, SLB, LUFK, CTTAY, HES

The enemies of energy self-sufficiency and jobs are everywhere, even when they don't think they are being the enemies.

Look, it is one thing to try to block Keystone, the heavy crude pipeline from Canada that some say could endanger key aquifers in the U.S. I get that. There is always going to be something endangered when you move energy from one place to another. Always. There are a lot of jobs on the line, but I can see where if the big aquifers can be avoided you have to try to do so.

But you and I know that with this president the jobs are going elsewhere and this pipeline is going to swing west to export oil to Asia, not come here. Hey, green's here to stay. I get that, too. I want the jobs and the North American energy here. But that's not what seems to be the imperative in a White House that is willing to lose billions to back any cockamamie solar project.

But it is another thing to work so hard to stop our own resources from coming in to play and block new jobs from being created simply on principle.

Last week I asked former Senator Rick Santorum a question about whether he would provide some sort of federal incentives to get workers where they are needed to get the oil out of the ground in North Dakota. I asked because North Dakota's a real conundrum. The Bakken is producing 470,000 barrels a day and I think that would double overnight if we just had the number of people needed to man the rigs, get the train lines, had the truck drivers and could extend the pipelines.

It could, ultimately, be much more than that as there is plenty of good work from Continental Resources (CLR) that shows there could be a Prudhoe Bay, the largest discovery in 46 years, under the state.

We just don't have enough people to get it out. At the same time, we have millions of people in other states who are qualified for these jobs that are going begging to build out this oil infrastructure, but they can't afford to get there or live there because there is no residential infrastructure. They need roads, schools, homes, apartments, hotels, restaurants and malls. In other words, they need what we used to build when we were a growth country.

My question was designed to see if Santorum would be willing to put some federal money out to get those workers there because the job is too big for private industry.

The results of the answer were disappointing, if not predictable. He said that as Senator he presided over the Marcellus boom in Pennsylvania and that didn't need any federal aid.

Now, you have to be respectful in these events, even as that doesn't come all that naturally to me. I wanted to say, hey, chief, you missed the entire point. North Dakota, unlike Pennsylvania, has the lowest unemployment rate in the country. They didn't need any help in Pennsylvania because there were so many idle workers.

I am simply saying that North Dakota is where the jobs are, but the people aren't. Why not make us more energy self-sufficient with easy-to-refine light Bakken crude (not a lot of impurities) and create as many as 300,000 jobs?

The answer, according to Santorum, is let the market figure it out.

The market can't. If it could, why would I be asking the question? To hear myself talk?

Anyway, neither the left nor the right is really focused on a simple precept: when you can produce cleaner energy here and create jobs at the same time it is a win-win for both parties. The federal monies will go after truly shovel-ready projects that will advance the private sector's ability to put people to work in high paying jobs that will be provided by Halliburton (HAL), Clean Harbors (CLH), Continental Resources, Brigham Exploration (BEXP) (soon to bought), Schlumberger (SLB), Lufkin (LUFK), Continental (CTTAY), EOG (EOG), Hess (HES) and all sorts of construction companies.

We would have more, cleaner oil, more jobs and an infrastructure that would last. It's exactly what the mission of government has been in the past. It's what creates the growth that spurs the tax receipts that pay for themselves while making us more independent of foreign powers.

We know this president won't do it. We know that Santorum represents the new strain of the GOP, a sort of abolish the government except for defense as private industry will take care of everything.

To which I say, if that could only be the case. But some projects, like the Panama Canal, the interstate highway system and the Hoover Dam, to name three too-large-for-private-industry jobs created by the Republicans, are made for the federal government.

 Just not under either of the current parties.

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Action Alerts PLUS,  which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned.

TAGS: Investing | U.S. Equity | Energy | Politics

More from Energy

Want to Save Your Retirement Fund? Tune Out the Talking Heads

Jim Collins
Jun 30, 2022 3:14 PM EDT

The first half of this year has been ugly. But we could have seen what would happen to Netflix, Tesla and Meta...

OPEC+ Opens the Spigot, but Are We Just Repeating Mistakes of 2008?

Maleeha Bengali
Jun 30, 2022 12:26 PM EDT

As we see this increase in oil production get rubberstamped, we must remember that demand never moves in a straight line.

Commodity Bull Runs Have Proven Unsustainable; Can This Time Be Different?

Carley Garner
Jun 30, 2022 12:00 PM EDT

It's possible, but unlikely, as we've yet to see the commodity complex hold gains forged in a bull market.

My Setup for the Second Half of 2022 Begins With These 13 Stock Picks

Stephen Guilfoyle
Jun 30, 2022 11:00 AM EDT

I'm setting up for the next six months with selections in Energy, Staples, Semiconductors, and Aerospace & Defense.

What Do Politicians and Sentiment Have in Common? (They Both Flip-flop)

Helene Meisler
Jun 30, 2022 6:00 AM EDT

The market is falling victim to shorter, smaller rallies -- and lots of chop. But here's why we're getting closer to overbought. Also, let's check on some gas and diesel.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 07:59 PM EDT PAUL PRICE

    Very good quarterly numbers from Bassett Furniture (BSET)

    Bassett Furniture (BSET) blew right through analys...
  • 04:41 PM EDT PAUL PRICE

    First Half Results - Putrid Second Half Results - Likely to Be Much Better

    It's great that we're done with June. 2022 marked...
  • 04:51 PM EDT PAUL PRICE

    We Should Be in for Better Starting Soon

    Window dressing Thursday, the last day of the...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login