This document summarizes oxygen and carbon dioxide transport in the blood. It states that oxygen is transported in the blood in two forms: 1.5% dissolved in plasma and 98.5% bound to hemoglobin in red blood cells. Hemoglobin binds oxygen reversibly through an iron-containing heme group. The binding and release of oxygen depends on factors like partial pressure of oxygen, acidity, temperature, and partial pressure of carbon dioxide. Carbon dioxide is transported in three forms: 7% dissolved in plasma, 23% bound to hemoglobin as carbamino compounds, and 70% transported as bicarbonate ions through a series of reactions catalyzed by carbonic anhydrase.