Two things. First off. your blood and lungs will still hold oxygen. In fact, the air you normally exhale still has most of it’s oxygen. Some VERY rough math suggests you’ve got at least 10 breaths worth of oxygen in your blood at any given time.
Second thing is the Mammalian Diving Reflex. Basically, when your face is under water your heartrate slows. Just a weird quirk of your body so you use less oxygen when underwater.
Latest Answers