The effect of homogeneous electric fields on the adsorption energies of atomic and molecular oxygen and the dissociation activation energy of molecular oxygen on Pt(111) were studied by density functional theory (DFT). Positive electric fields, corresponding to positively charged surfaces, reduce the adsorption energies of the oxygen species on Pt(111), whereas negative fields increase the adsorption energies. The magnitude of the energy change for a given field is primarily determined by the static surface dipole moment induced by adsorption. On 10-atom Pt(111) clusters, the adsorption energy of atomic oxygen decreased by ca. 0.25 eV in the presence of a 0.51 V/angstrom (0.01 au) electric field. This energy change, however, is heavily dependent on the number of atoms in the Pt(111) cluster, as the static dipole moment decreases with cluster size. Similar calculations with periodic slab models revealed a change in energy smaller by roughly an order of magnitude relative to the 10-atom cluster results. Calculations with adsorbed molecular oxygen and its transition state for dissociation showed similar behavior. Additionally, substrate relaxation in periodic slab models lowers the static dipole moment and, therefore, the effect of electric field on binding energy. The results presented in this paper indicate that the electrostatic effect of electric fields at fuel cell cathodes may be sufficiently large to influence the oxygen reduction reaction kinetics by increasing the activation energy for dissociation.