How would oxygen deprivation change arterial blood gas levels?

Breath rate increase: O2 deprivation will typically cause people to breath faster. Abg measures levels of oxygen, carbon dioxide and blood ph. Faster breathing causes a drop in co2 which then causes the blood to have an increase in ph (towards basic, not acidic). Over time, the body would compensate for this ph change via acid retention by the kidney and although the co2 would remain low, the ph would approach normal.