Iron-poor oceans may cause populations of phytoplankton — a critical base of the marine food chain — to decline.
Rising acid levels in the world’s oceans appear to be robbing the tiny animals that form the bedrock of the marine food web of a vital nutrient. This shift in the ocean’s chemistry could reduce populations of phytoplankton, which could touch off a cascade of changes to ocean life.
Roughly one-third of the oceans contain phytoplankton that are limited in their growth by the amount of iron available to them. A study published today in Science, suggested that zone could grow.
“The concept of changes to ocean productivity and ecosystems due to acidification is a very important one to consider,” said Ken Buesseler of Woods Hole Oceanographic Institution in Woods Hole, Mass., who was not a part of the study. “If half of the photosynthesis on the planet is in the ocean and if you reduce that because of acidification, that is a big deal.”
Ocean acidification is a trickle-down effect of climate change. Higher levels of carbon dioxide in the atmosphere drive more CO2 to dissolve into the ocean, making it more acidic.
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Jessica Marshall, DiscoveryNews, 14 January 2010. Full article.

I’m assuming you have linked this film elsewhere but in case not, here it is, an excellent video demonstrating ocean acidification:
http://witsendnj.blogspot.com/2009/10/you-cant-fish-and-not-have-hope.html
This movie has been mentioned on this blog in Sep. 2009: link.