I recall you posting something awhile back on SLU about ocean acidification and oxygen levels in the atmosphere. Do I recall correctly, and do you recall if it was atmosphere or oceanic oxygen and what it means for mammalian life?
I don't recall a specific comment, but I'll prattle on about the topic generally in hopes of answering your question.
These are different (but always interlinked) dynamics. First off, as CO2 levels rise in the air, ocean waters absorb some of that CO2 and the mixture of seawater and CO2 leads to carbonic acid. The acidity levels affects phytoplankton and sea life with shells; in high enough concentrations, those shells will dissolve. Since many of these minute animals are at the base of the food chain, their disappearance has a ripple effect upward as other species begin to starve.
Oxygen levels in water are under attack from a number of different factors. First off, warm water holds less oxygen, which affects the health and metabolic level of fish, who have to work harder to get their oxygen. The same phytoplankton that are dissolving due to acidification are also responsible for pumping out oxygen both in water and air, so as their numbers are reduced, ocean and atmospheric oxygen production is reduced. And lastly, the nitrogen and phosphorus that we're using for agriculture are running off into the ocean and promoting the growth of algae that sucks up the oxygen in water, creating dead zones. The death of fish through suffocation leads to more starvation up the food chain, for sea mammals and sea birds.
The most serious aspect of all this for land mammals is probably the damage to phytoplankton. Prochlorococcus and other ocean phytoplankton are responsible for 70 percent of Earth's oxygen production. That includes oxygen in our atmosphere, not just the ocean. So we're fucking around with the basics of the optimal chemistry for our species.
Swings in oxygen and CO2 levels have been a driving dynamic in mass extinctions for millions of years. Under normal circumstances, we were probably nearing the end of an interglacial, which is usually triggered by changes in orbit and tilt from the sun. So we may well be entering very new territory in which the injection of huge quantities of CO2 will warm the world despite our astronomical position.