I think it has already been tried on oil well fires and worked pretty good. But it was one of those, not invented here and was cutting in on somebody (more influential) elses business and got pushed aside. You don't have to make the material super cold, just get it down under it's reignition point so it won't restart. The problem with using explosives to snuff out the oxygen, is the material is still hot and tends to reignite. Besides, liquid nitrogen is cheap compared to the damage being down, and is harmless to the environment, unlike the fire retardant they use. It does sound kind of intriguing.
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