Crude prices rose as a tropical storm approaching the Louisiana coast led to the evacuation of important oil drilling rigs in the Gulf of Mexico.
Tropical Storm Barry won't be the last weather event we see this summer. As we head into hurricane season, how should oil investors approach their portfolios?
TheStreet founder and Action Alerts PLUS portfolio manager Jim Cramer shared his best advice during TheStreet's Cramer Live show on July 11.
Here's what he had to say:
"Recognize that we are putting out more and more oil every day," he explained. "We did 12 million barrels last week. 12 million barrels a day. And that wasn't supposed to happen. We will be at 17 million in a couple of years. We've had to trim all oils because the world's against fossil fuels, just when we're producing more and more oil. So if you have a hurricane and they temporarily spike, which a lot of people thought they would, then you sell."
Catch his full take in the video above.