When the Krebs Cycle and ETS are working at capacity (regardless of the presence of oxygen), further local ATP needs can be achieved by increasing glycolysis. The resulting pyruvate is converted to Lactic Acid through Lactic Acid Fermentation.
The conversion of pyruvate to lactate regenerates NAD+, which allows glycolysis to continue. Lactate diffuses out of the cell and into the blood. The lactate in the bloodstream is converted back into pyruvate in the liver, for use when oxygen is once again present.
Certain cells, such as cardiac muscle cells, are highly permeable to lactate. Lactate is converted into pyruvate and metabolised normally (ie: via the Krebs Cycle). Since these cells are highly oxygenated, it is unlikely that lactate would accumulate (as is the case in oxygen-starved muscle cells). This also allows circulating glucose to be available to muscle cells.
Any excess lactate is taken up by the liver, to pyruvate and then to glucose. This, along with the production of lactate from glucose in muscle cells constitutes the Cori cycle.
Phosphofructokinase (PFK) is inhibited by a low pH and this prevents the formation of excess lactate and/or lactic acidosis (sudden drop in blood pH). PFK catalyses an irreversible step in glycolysis.