"Maximum insect size does track oxygen surprisingly well as it goes up and down for about 200 million years," Clapham said. "Then right around the end of the Jurassic and beginning of the Cretaceous period, about 150 million years ago, all of a sudden oxygen goes up but insect size goes down. And this coincides really strikingly with the evolution of birds."
http://www.sciencedaily.com/releases/2012/06/120604155703.htm