Of course Oxygen is needed, why do you think that you get out of breth you you work out??? Has anyone noticed that you seem to get out of breath more as you get bigger? i guess this is because more of your body is doing work.
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"Do your best. Nothing more. Nothing Less"
Holding one's breathe is potential dangerous during weightlifting as this will dramatically raise you blood pressure. This could casue dizziness, disorientation, even blackouts.
But...
You should hold then breathe through the "sticking point" of an exercise to provide an increase in rigidity of the entire torse to aid in supporting the spine. This is call the "Valsalva maneuver".
As a rule, remember to exhale on the exertion or concentric phase of an exercise and inhale on the eccentric phase.
__________________ Mark-Anthony Bailey, CSCS
Exercise Physiologist http://www.MostMuscle.com
"Limits are for people who have them"