There is no validity to the crisis. There is a great deal of validity to the EROI.
The problem is population.
There are too many at the bottom.
https://www.quora.com/How-valid-is-the-claim-that-were-on-the-verge-of-economic-collapse-due-to-the-vanishing-supply-of-cheap-conventional-oil-and-the-declining-energy-return-on-investment-EROI