Our muscles need oxygen and glucose to respire aerobically and produce the energy they require, these are carried to the muscle via the blood. However if we were to carry out rigorous exercise our heart and lungs would not be able to get sufficient oxygen to our muscles in order for them to respire.
In this situation glucose breaks down partially in absence of oxygen to release energy along with lactic acid as by-product. As lactate accumulates in the muscle cells, it contributes to fatigue and muscle cramps. When oxygen levels return to normal, about 80% of the lactate is exported to the liver where it is regenerated into glucose. The remaining 20% is metabolized in the muscle cells in the presence of oxygen.