Cramer's 'Mad Money' Recap: 7 Stocks to Scoop Up When On Sale

When asked about oil and gas prices, Papa disputed the conventional wisdom that oil prices are falling and natural gas has stabilized. Papa said he sees the upside in natural gas coming in 2013, not 2012, and sees oil supplies as being more constrained than investors realize. Papa targeted oil at $105 a barrel. Finally, when asked about America's energy policy, Papa passionately proclaimed that our country could be North American-energy independent in less than 10 years, if only we were to turn loose the technology we already have to utilize our own domestic oil and natural gas resources. He said we have the "chance of a lifetime" and the opportunity is ours to lose by not acting on it. He said all we need is leadership.

Cramer continued his support of EOG Resources.

Lightning Round

Here's what Jim Cramer had to say about some of the stocks that callers offered up during the "Mad Money" Lightning Round Wednesday evening:

Atmel (ATML) : "I have so many other good ones. I'm going to send you to Intel (INTC) ."

Blue Nile (NILE) : "No, too dangerous. I think discretionary goods might be in trouble."

Zynga (ZNGA) : "I've been staying away from these recent IPOs. I'm not going to bash it, but I'm also not going to recommend it."

AmeriGas Partners (APU) : "No, no. I do not like propane and I'm not going there."

World Wrestling Entertainment (WWE) : "No. There's no growth and I need growth."

Am I Diversified

In the "Am I Diversified" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets. The first portfolio included CBL & Associates (CBL) , Mack-Cali Realty (CLI) , Health Care REIT (HCN) , Weyerhaeuser (WY) and Washington Real Estate Investment Trust (WRE) .

Cramer said he cannot bless this portfolio since all of the companies are real estate investment trusts, even though they operate in different sectors.

The second portfolio's top holdings included Diageo (DEO) , Hershey Foods (HSY) , Progress Energy (PGN) , AT&T (T) and Altria (MO) .

Cramer said this portfolio cannot have two food stocks along with Altria. He recommended swapping out Diageo for a pharmaceutical company like Bristol Myers-Squibb (BMY) .