An energy crisis is any great bottleneck (or price rise) in the supply of energy resources to an economy. Oil energy crisis is due to depletion of oil resources and increase in the oil prices. In the current scenario, oil is available in plenty.
But oil is a non-renewable resource. So if we keep on using the oil at this rate, maximum in 40-50 years almost all the oil will be depleted. Thus we need other alternative sources of energy for this depletion. To understand the concept of oil energy crisis let us consider the technical term “peak oil”.
“Peak oil” is the period when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. When this peak oil stage is reached, then it means that the world is in serious oil crisis. So let us consider this graph of production vs time. In this graph the production increases with time. At a certain point of time the graph reaches the maximum production. This is known as peak oil. After reaching this point, the production of the oil decreases drastically and at last it will be brought down to nil.