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Plants may use Oxygen and produce Carbon Dioxide as well, but they obviously produce more Oxygen the Carbon Dioxide in the long run. Otherwise, the planet would never have managed to get into it's current atmospheric state. So plants remain highly important to the planet's state of wellbeing...
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Actually, oxygen was in the atmosphere long before plants evolved. Anaerobic prokaryotes produce oxygen as a waste product. Since oxygen is a deadly poison, especially to anaerobes, the atmosphere they created killed them of in all but a few remote locations.