You are exactly correct.
Oxygen is not even the major component of our atmosphere.
“Dry air contains roughly (by volume) 78.08% nitrogen, 20.95% oxygen, 0.93% argon, 0.038% carbon dioxide, and trace amounts of other gases.”
Source: http://en.wikipedia.org/wiki/Earth%27s_atmosphere
Don't let the GW alarmists know that.
If they knew that the percent of OXYGEN in the atmosphere is much more critical than the amount of CO2, they would be able to tax us for taking a breath.
Of course they could tax us for breathing out, but then they would have to know that we exhale CO2, which seems to be beyond their comprehension.