High precision measurements of Δ14C were performed on CO2 sampled at La Jolla, California, USA over 1992–2007. A decreasing trend in Δ14C was observed, which averaged −5.5 ‰ yr−1 yet showed significant interannual variability. Contributions to the trend in global tropospheric Δ14C by exchanges with the ocean, terrestrial biosphere and stratosphere, by natural and anthropogenic 14C production and by 14C-free fossil fuel CO2 emissions were estimated using simple models. Dilution by fossil fuel emissions made the strongest contribution to the Δ14C trend while oceanic 14C uptake showed the most significant change between 1992 and 2007, weakening by 70%. Relatively steady positive influences from the stratosphere, terrestrial biosphere and 14C production moderated the decreasing trend. The most prominent excursion from the average trend occurred when Δ14C decreased rapidly in 2000. The rapid decline in Δ14C was concurrent with a rapid decline in atmospheric O2, suggesting a possible cause may be the anomalous ventilation of deep 14C-poor water in the North Pacific Ocean. We additionally find the presence of a 28-month period of oscillation in the Δ14C record at La Jolla.