In the wake of the disastrous BP oil spill in the Gulf of Mexico last summer, an idea was hatched. Wendy Schmidt, wife of Google CEO Eric Schmidt, and Peter Diamandis of the X PRIZE Foundation decided to challenge scientists and engineers around the world to come up with a better way to clean crude oil off an ocean surface. They decided to call it the Wendy Schmidt Oil Cleanup X Challenge.
They received over 350 submissions, and on Tuesday they named their winner: Donnie Wilson, a member of Elastec/American Marine team from Illinois.
Ali Velshi sits down with Donnie Wilson and Peter Diamandis, who explain the winning submission and discuss the future of American ingenuity.
The future course of the global economy remains highly uncertain. And the "fuel" that runs that economy – oil – has seen prices fluctuate dramatically within the past year. The price of oil has dropped from over $30 a barrel over the last five months – even as the Arab Spring continues to destabilize the oil-rich Middle East.
On American Morning this morning, Christine Romans talks with Daniel Yergin, author of "The Quest: Energy, Security, and the Remaking of the Modern World," to get his take on why oil prices have been so volatile – and why the United States urgently needs to diversify its energy supply.
Libya has proven oil reserves estimated at 43 – 47 billion barrels, making it one of the top ten oil rich countries in the world. The country sits on the largest oil reserves in Africa and profits from the oil industry comprises 80% of the government's revenue.
Will Libya's oil resources bring progress for a post-Gadhafi Libya and how will gas prices in the United States be effected by the country's oil production?
Peter Beutel, president of Cameron Hanover, and Marc Ginsberg, former Middle East presidential adviser, join Christine Romans on American Morning today to weigh in on what sort of timeline the Libyans are looking at in trying to get oil production up and running in the country. They also discuss whether or not American consumers will see any price difference at the pump because of Libya's resources.