Matt Simmons, Dr. Doom of the Gulf Coast spill - Jun. 9, 2010
"What do you think is in store for the future of BP?
They have about a month before they declare Chapter 11. They're going to run out of cash from lawsuits, cleanup and other expenses. One really smart thing that Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup. But there isn't enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this my guess is that they'll panic and go into Chapter 11."
"Now I'm working on a big project in mid-coast Maine called the Ocean Energy Institute, and we're hoping that within the next year we can actually create 50 megawatt offshore wind turbines -- one every five miles a part -- and turn that offshore electricity into desalinated sea water and liquid ammonia. It could replace motor gasoline and diesel fuel."
Less than 2 weeks ago I heard that BP had one of the largest balance sheets in the world and that this spill was a drop in the bucket.
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