The dynamics of single bubble sonoluminescence (SBSL) strongly depends
on the percentage of inert gas within the bubble. We propose a theory
for this dependence, based on a combination of principles from sonoch
emistry and hydrodynamic stability. The nitrogen and oxygen dissociati
on and subsequent reaction to water soluble gases implies that strongl
y forced air bubbles eventually consist of pure argon. Thus it is the
partial argon (or any other inert gas) pressure which is relevant for
stability. The theory provides quantitative explanations for many aspe
cts of SBSL.