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
In my college dorm room, the trace gases were considerably higher.