Strange thing an oil guru says such blind things.

Think of peak oil, think of oil sands specifically. Even if the recoverable supply increases dramatically, what matters is the level of production -- and that can't be run up as fast for the lower-grade supplies. (Note that even today, recovery focuses on the very highest grades among what is characterised as recoverable.)

Another point is that once you go for lower grades, the amount of Easrth moved and the CO2 emissions associated will blow up, too.

Realistically, I think nuclear will continue stuck with modest growth, thus use the highest grades for a little longer, while industry advocates will continue to argue for their technology with the opposed claims of little environmental impact and potential expansion.

_{*Lunatic*, n.
One whose delusions are out of fashion.}