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It could, yes. It's methane. I quote:
Methane in its gas form is an asphyxiant, which in high concentrations may displace the oxygen supply you need for breathing, especially in confined spaces. Decreased oxygen can cause suffocation and loss of consciousness. It can also cause headache, dizziness, weakness, nausea, vomiting, and loss of coordination
Morever, it's a greenhouse gas.