A few years ago, a 46-year-old man donned his scuba
gear, dived into a 12-foot-deep freshwater canal to recover a
lost motor, and died underwater. His friend could not see
him due to the murky water but estimated afterwards that
the bubbles coming to the surface stopped after just a few
minutes. The diver was reportedly a good swimmer, not
using drugs or alcohol, and his medical history was clean.
The autopsy’s only findings were those of drowning. So what
killed him?
His tank was a 71-cubic-foot steel cylinder, approximately
  three decades old. An investigation revealed the diver had
  filled the tank at a dive shop three months before his fatal
  dive, but the last hydrostatic test had been performed four
  years prior. The tank had been partially used after the last
  fill and then stored at home. An analysis of the remaining
  200 psi revealed an oxygen concentration of just 2.5 percent.
  When sawed open, the tank had a markedly corroded interior
  with black scale and some orange-red spots of rust.  
This was the case study highlighted by three doctors as
  the epitome of “tank blackout” during their presentation
  at the Undersea and Hyperbaric Medicine Society’s annual
  conference last June. Tank blackout is one type of hypoxic
  blackout, a generic term for a group of loss-of-consciousness
  causes in divers due to an insufficient supply of oxygen to
  the brain. Oxygen can be depleted because of improperly filtered
  air, a hydrostatic test that accidentally keeps moisture inside the tank, draining the tank down to no air at all, and
  pushing the purge button inadvertently when underwater.  
In steel tanks especially, rust forms even with a small
  amount of water and consumes the oxygen, reducing its
  concentration below that needed to keep conscious while
  breathing. Salt water speeds up the rusting. After months of
  storage, even with fully pressurized air, a corroded tank can
  lose the vast majority of its oxygen. A diver goinfg underwater
  with a corroded tank can quickly experience dizziness,
  then stupor and eventually blackout. Tank blackout is rare
  but usually fatal because hypoxia spreads quickly, says Stuart
  Miller, M.D., director of education at Long Beach Memorial
  Medical Center’s Department of Hyperbaric Medicine and
  lead author of the study. “Few determinations of gas analysis
  are made of the tank’s remaining air after a dive-related
  injury or death, so it’s difficult to judge how many were
  caused by tank blackouts. Probably more than on record.”  
Smart divers have an annual visual inspection of their
  tanks (V.I.P.). Tank manufacturers and dive agencies recommend
  that dive shops give an annual check, but there’s no
  requirement on the books for recreational divers. “They’re
  the ones most susceptible because when they rent or borrow
  tanks, they have no idea if those tanks have been properly
  cared for,” says Miller. He recommends that divers keep at
  least 50 psi in used tanks during storage and always test the
  gas content with a portable analyzer before use.