Metals require more than a lack of oxygen to bond... otherwise we would not have landed on the Moon, have rovers on Mars or have orbiting robotic explorers around Saturn, Ceres or now even out passed Pluto.

If the sum of Earth's oxygen was doubled, fires on our planet's surface would become incredibly more frequent, rapid and destructive. In fact, the history of oxygen on Earth has been miraculous to remain within the parameters of life/existence.