The document discusses hypoxemia as a potential complication in anesthesia, emphasizing the role of hypoxic pulmonary vasoconstriction (HPV) in managing oxygen exchange during general anesthesia. It outlines the historical observations related to pulmonary oxygen exchange and the effects of various anesthetic agents on HPV. Additionally, it highlights that HPV is crucial in minimizing ventilation/perfusion mismatch, particularly during one-lung ventilation (OLV) scenarios, and addresses factors that can inhibit or enhance HPV efficacy.