Largely because hard fizzy drinks (Beer, champagne) had CO2 from the fermentation process.
To recreate the fizzyness in soft drinks, we originally used sodium bicarbonate, or baking soda, which is why we sometimes call those drinks sodas.
CO2 is mildly toxic, so it keeps bacteria from growing in the drink.
We can use nitrogen to produce the fizzyness, but it tastes different, and doesn’t provide the same anti-bacterial properties
Oxygen is a very reactive chemical, so 1) pressurized oxygen is a fire risk, and 2) high pressure oxygen in the drink would react with the other stuff in the drink, making it go bad.
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