Mad Mail: Should I Buy ConocoPhillips?

Hi Jim: I am like a lot of people that have had to cut back on expenses in order to survive the economic market we are in. As a consequence, I have put off buying a new car and will have to make due with what I have. This means repairing and maintaining a car that is already five plus years old. As I'm sure many others are in the same situation, what do you think about companies that specialize in automotive replacement parts? I am looking at Genuine Auto Parts as a play on this. What do you think of this company? Aloha. --RB

Cramer says: "…We looked at, and I'll tell you the truth: We were concerned…it has too much actual auto and not enough auto aftermarket. That's why we like Monroe."


Jim: Why aren't you telling Cramerica to actively support Pickens' Plan by writing to their representatives to get off their political backsides and understand that Boone is the only common sense person dealing with this crisis. The benefits are obvious: more jobs, clean renewable energy using the wind and solar corridors, improved balance of payments and less dependence of unfriendly sources of foreign oil, and the potential to reinvigorate our auto industry by significant adoption of natural gas as the auto fuel of the future. We're looking for you to be our crusader!! Do something. --Thomas

Cramer says: "Actually, Thomas, I'm probably the single greatest crusader on TV about this. And I totally believe you. As oil comes down, this is going to be more and more problematic. Of course, the loans that the government gave…to the automakers, did not specify natural gas, which was a huge blow to the cause. And I told people to go to that PickensPlan.com site. I can't really do more…I want to march on Washington. Boone said I'm getting ahead of myself."


Jim: I agree with you on dividends being the way to protect yourself - protect yourself from the downside and the upside should take care of itself. Continuing with the theme, what do you think of ConocoPhillips? COP trades below book value with a 3.76% yield. I know you've been against the buybacks because lately, it has not been a good investment, but COP also bought back a staggering 2.5 billion dollar in shares last quarter. I feel like this is a great way to stay in the game with a limited downside. --Adam

Cramer says: "No…there are many oil companies that now yield north of 4%…I need that protection. You've got to go with the ones that are north of 4%. Conoco's not down enough yet."

Questions for Cramer? madmoney@cnbc.com




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