[Namdnal Siroj]

Originally Posted by panicBoy

Panic attacks have nothing to do with O2 saturation. You can hyperventilate during one and exacerbate the problem, but no source I've ever consulted makes any correlation between the onset of panic attacks and a lack or overabundance of oxygen.

From Wikipedia:

Hyperventilation syndrome — Breathing from the chest may cause overbreathing, exhaling excess carbon dioxide in relation to the amount of oxygen in one's bloodstream. Hyperventilation syndrome can cause respiratory alkalosis and hypocapnia. This syndrome often involves prominent mouth breathing as well. This causes a cluster of symptoms including rapid heart beat, dizziness, and lightheadedness which can trigger panic attacks.