This colloquial expression refers to crude oil derivatives, particularly gasoline and diesel used in internal combustion engines. It plays on the popular misconception that petroleum comes from liquefied dinosaur remains, whereas it actually formed from ancient marine zooplankton and algae. In the energy sector, it is often used humorously to contrast traditional fossil fuels with electricity or alternative energy sources.
We're going to need a lot more dinosaur juice if we plan on running that diesel generator through the weekend.
Mechanics and EV enthusiasts alike use this term, but usually with different attitudes: gearheads say it with affection for combustion engines, while EV drivers use it to poke fun at traditional technology.