Yes, there's no question that the 40% drop in phytoplankton is a subtle issue, that you can't dumbly take 40% * 50% = 20% drop in oxygen production. But there's also no question that that is a huge change in the ocean's ecosystem. We don't yet know what all of the impacts will be. And that should scare people.
What's really scary is that this study got published in nature. Follow the comments of kate in that article you posted, and check out the comments at nature's link. The real howler, using data points made from 1899 till the time they started using satellites for observations, which were made by using a disk invented by a jesuit priest(just for the guys who find religious dogman a hurdle to science) and the eyesight of the user.
From the paper's conclusion:
Our analysis suggests that global Chl concentration has declined
since the beginning of oceanographic measurements in the late
1800s. Multiple lines of evidence suggest that these changes are
generally related to climatic and oceanographic variability and particularly
to increasing SST over the past century
SST- sea surface temperature
These are the graphs from the paper:
http://www.nature.com/nature/journal/v466/n7306/fig_tab/nature09268_F4.html
And I think by the late 1800s he means 1899, for that's the start of his data points and the record-keeping as he mentions in the introduction of the paper.
Let's revisit the author's earlier religious proclamations, oops, scientific study(published in Science, mind you):
There will be virtually nothing left to fish from the seas by the middle of the century if current trends continue, according to a major scientific study.
"The way we use the oceans is that we hope and assume there will always be another species to exploit after we've completely gone through the last one," said research leader Boris Worm, from Dalhousie University in Canada.
http://news.bbc.co.uk/2/hi/6108414.stm
Mr. Worm is surely one cool hair-raising cat.
Coming back to phytoplanktons, these nasty creatures besides doing stupid stuff like photosynthesis can also make hurricanes last longer and stronger:
http://www.wired.com/wiredscience/2010/09/tiny-plankton-could-steer-giant-hurricanes/
Phytoplankton is as common in the oceans as grass is on land, and blooms when cold, nutrient-rich water upwells from the depths. That bloom turns the ocean surface from a deep dark blue to a murky turquoise, henceforth known as murkquoise.
The murkquoise stops the sun from penetrating as far as it normally does into the surface of the sea, making the surface layer much warmer, and the depths cooler. As a result, hurricanes tend to be stronger and last longer.
"I wonder if New Orleans residents can sue the wee timorous planktonic beasties for damages from Hurricane Katrina?"
I say, let's kill the bitches, IT"S SCIENCE FOR GOD'S SAKE!!!!1!
And they are also the producers of dimethyl sulfide which causes acid rain:
He said that 75 per cent of sulphur substances emitted over Scandinavia in June came from the North Sea. During the spring-summer period about 30 per cent of the sulphur-containing gases over Ireland originated from plankton living in the North Atlantic. 'Some people find this surprising,' he said.
http://www.independent.co.uk/news/uk/plankton-source-of-acid-rain-1466247.html
I mean isn't acid rain bad? really bad?
Why the hell are we letting these evil things live and breed!?!?!
The primary difficulty with reduced supply of oxygen wouldn't be a drop in oxygen levels, but rather a drop in the conversion of CO2 to oxygen. A 20% drop in the uptake of CO2 would be positively massive.
Yeah so doesn't that dent a big hole in anthropogenic global warming? Stupid plankton not converting CO2 and thus caused a positive feedback loop for their own demise.
http://wattsupwiththat.com/2010/07/31/walking-the-plank-ton/#comment-445088