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@suicidejunkie
Note that if you're referring to this sentence : "Two water bottles should give 4 ice, which means 4 oxygen bottles. Which is.. Quite high when you think about the fact that a single oxygen bottle can give you a full gauge of oxygen when you were at 0."
I don't think the "reality" of things is the problem. I don't even really think it's a problem to be honest. It's more like  a balance-side thing.
When you really think about it : What do you need to craft a single bottle of Oxygen ?
1 ice + 1 metal plate.
The ice is litterally everywhere and the metal plate is quite common too. 
The fact that the metal plate is used for a loooooot of different recipe makes it a little bit harder to manage than water and that's why I talked about the "water/oxygen" ratio in this part of my post.
The fact that a single stack of ice can give you a full oxygen bar seems pretty OP. Not talking about "real facts from the real world" but from Mewnbase's world where Oxygen is one of the most important thing to manage.
I think I'm gonna give it a try, going for a full gameplay only with oxygen bottle to see where that goes and if it's really balanced or not because right now when I'm three screens away from my base and popping a single oxygen bottle to get full oxygen back it seems.. Overpowered (To me :D)

Sorry if I wasn't clear about that ! And I guess different players will have diferrent point of view on what's balanced or not ! Thanks for replying though ! :D