Observations with HST/COS have revealed that circumgalactic gas contains a substantial fraction of baryons and metals -- by mass more than in the disks of the galaxies themselves. In this talk, I will review what the observational constraints on the ionization state of the gas tell us about the origin and fate of the gas. The abundance of highly ionized oxygen in the form of OVI is particularly revealing in this regard, and may be a signpost of gas accretion.