Oceanic anoxic events have had many important consequences. It is believed that they have been responsible for mass extinctions of marine organisms both in the Paleozoic and Mesozoic. The early Toarcian and Cenomanian-Turonian anoxic events correlate with the Toarcian and Cenomanian-Turonian extinction events of mostly marine life forms. Apart from possible atmospheric effects, many deeper-dwelling marine organisms could not adapt to an ocean where oxygen penetrated only the surface layers.
An economically significant consequence of oceanic anoxic events is the fact that the prevailing conditions in so many Mesozoic oceans has helped produce most of the world's petroleum and natural gas reserves. During an oceanic anoxic event, the accumulation and preservation of organic matter was much greater than normal, allowing the generation of potential petroleum source rocks in many environments across the globe. Consequently, some 70 percent of oil source rocks are Mesozoic in age, and another 15 percent date from the warm Paleogene: only rarely in colder periods were conditions favorable for the production of source rocks on anything other than a local scale.