"I think the service companies are going to be exonerated," he said. "This was all BP's fault."



The headline comment came up, when Karen Finerman asked how to invest in the wake of the spill. Simmons replied "I don't think BP is going to last - at least not for more than a matter of months."



That's largely because the spill has grown to be so massive.

”President Obama got in writing from (BP CEO) Tony Hayward that he would clean up the Gulf of Mexico. And right now the spread is larger that the state of Washington,” Simmons says. And it continues to grow.



Ultimately, Simmons thinks the cost of clean-up will just be too massive for BP to bear.



If you're looking for a trade Simmons also tells us because of the moratorium in the gulf, investors should seek companies leveraged to exploration drilling overseas. "It's almost a certainty that we step back and say we don't have the tool kit to go safely to these water depths."



Of course, we'd be remiss not to tell you that Simmons can lean toward the dramatic. Last week he told us that the most effective way to plug the spill in the gulf was to use a nuclear explosives.



However, let us reiterate that Simmons is widely followed in the industry. And Wall Street listens to what he says.



You might want to do the same. Watch the video now and hear our conversation with Simmons yourself!









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Trader disclosure: On June 8, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova owns (IPSU), (BX), (PFE), (FTO), (RSX), (TER), (AXP), (BMO), (BBY), (DIS), (XCO), (SWN), (AAPL), (IPI), (SU), (V), (TEVA), (FXB), (GLD); Adami owns (AGU), (MSFT), (C), (GS), (INTC), (NUE), (BTU); Finerman’s firm owns (AAPL); Finerman owns (BP) calls; Finerman Owns (RIG) calls; Finerman’s firm owns (RIG) calls; Finerman owns (MCD); Finerman owns (JPM) calls; Finerman owns (BAC) calls; Finerman’s firm owns (JPM); Finerman’s firm owns (BAC); Finerman’s firm owns (C); Finerman owns (HPQ); Finerman’s firm owns (HPQ); Finerman owns (GLW); Scaramucci owns (AAPL), (MCD), (JPM), (BAC), (C), (WFC), (GOOG); Kelly owns (GS) puts; Kelly owns (SPY) puts: Jon Najarian owns and has sold calls against (MCD); Jon Najarian owns and has sold calls against (JPM); Jon Najarian owns and has sold calls against (BAC); Jon Najarian owns and has sold calls against (C); Jon Najarian owns and has sold calls against (WFC); Jon Najarian owns and has sold calls against (USB); Jon Najarian owns and has sold calls against (AAPL)l Jon Najarian owns and has sold calls against (GS)



For Joe Terranova

Terranova works for (VRTS)

Terranova is chief market strategist of virtus investment partners, ltd.

Virtus investment partners owns more than 1% of (AMKR)

Virtus investment partners owns more than 1% of (IGE)

Virtus investment partners owns more than 1% of (DBV)

Virtus investment partners owns more than 1% of (XLB)

Virtus investment partners owns more than 1% of (XLV)

Virtus investment partners owns more than 1% of (XLP)

Virtus investment partners owns more than 1% of (XLY)

Virtus investment partners owns more than 1% of (XLI)

Virtus investment partners owns more than 1% of (XLU)

Virtus investment partners owns more than 1% of (DRYS)



For Anthony Scaramucci:

Skybridge Capital owns (AAPL)

Skybridge Capital owns (MCD)

Skybridge Capital owns (JPM)

Skybridge Capital owns (BAC)

Skybridge Capital owns (C)

Skybridge Capital owns (WFC)

Skybridge Capital owns (GOOG)





Brian Kelly

Kanundrum Capital is short(AMZN)

Kanundrum Capital is short(RCL)

Kanundrum Capital is short(XLY)

Kanundrum Capital is short(AFL)

Kanundrum Capital is short(CME)

Kanundrum Capital is short(EWI)

Kanundrum Capital is short(EWO)

Kanundrum Capital is short(GS)

Kanundrum Capital is short(HIG)

Kanundrum Capital is short(XLF)

Kanundrum Capital is short(FCX)

Kanundrum Capital is short(XLB)

Kanundrum Capital is short the Euro

Kanundrum Capital is short the Pound

Kanundrum Capital is short the Swiss Franc

Kanundrum Capital owns (GLD)

Kanundrum Capital owns (GDX)

Kanundrum Capital owns (GDXJ)

Kanundrum Capital owns (AUY)

Kanundrum Capital owns (GFI)

Kanundrum Capital owns (TLT)

Kanundrum Capital owns U.S. dollars



For Chris Caso

Susquehanna makes a market in (BRCM)

Susquehanna makes a market in (INTC)

Susquehanna makes a market in (MCHP)

Susquehanna makes a market in (NVDA)

Susquehanna Financial and/or its affiliates beneficially own 1% or more of (MCHP)



Matt Simmons

***No Disclosures***



David Threlkeld

***No Disclosures***



Colin Gillis

***No Disclosures***



Scott Nations

***No Disclosures***





CNBC.com with wires