Subject: Does burning candle experiment really demonstrate oxygen consumption?

In the classic demonstration of a burning candle standing in a pan of
water, the candle goes out if a jar is placed over it and the water rises
in the jar.  Most books explain that this demonstrates that the oxygen
in the air is used up and the water takes up the space occupied by the
oxygen.  I believe this explanation to be incorrect since an equivalent
number of carbon dioxide molecules would be created for each oxygen
molecule consumed, no?  Also, the water rises after the candle stops
burning, not while it is burning.  It seems more plausible to me that
the the burning candle heats up the air, forcing some of it to escape
via the bottom (note the bubbles), then contracts when it cools after
the candle stops burning.  Can you shed any light on this issue?

Re: Does burning candle experiment really demonstrate oxygen consumption?