Hypoxia is broken down into four main categories:
Hypoventilation: think kinks in tube, pt biting, secretions in tube, circuit disconnect, cuff leak, stiff chest from inadequate depth/relaxation, bronchospasm can decrease compliance and increase airtrapping causing this and deadspace.
Deadspace: Think hypOperfusion and PEEP/AUTOPEEP. Hypoperfusion increases west zone one. Other things include EMBOLI:fat, thrombus, air, etc. In these situations Co2 may drop as well. Thats a real bad sign.
Shunt: Think crud in your alveoli. Pneumonia, pulmonary edema, aspiration...
DLCO2: Pulmonary fibrosis, etc.