This document discusses the transport of oxygen and carbon dioxide in the body. It describes the oxygen cascade where oxygen moves down a concentration gradient from the air to cells. Key steps in the oxygen cascade include uptake in the lungs, carrying capacity of blood, delivery to capillaries and cells. Oxygen is carried in blood bound to hemoglobin and dissolved in plasma. During exercise, oxygen delivery increases through higher cardiac output, more capillaries opening, and faster transit time through the pulmonary circulation. The Bohr effect and 2,3-DPG play important roles in unloading oxygen from hemoglobin in tissues.