Sound driven gas bubbles in water can emit light pulses (sonoluminescence). Experiments show a strong dependence on the type of gas dissolved in water. Air is found to be one of the most friendly gases towards this phenomenon. Recently, cite{loh96} have suggested a chemical mechanism to account for the strong dependence on the gas mixture: the dissociation of nitrogen at high temperatures and its subsequent chemical reactions to highly water soluble gases such as NO, NO$_2$, and/or NH$_3$. Here, we analyze the consequences of the theory and offer detailed comparison with the experimental data of Puttermans UCLA group. We can quantitatively account for heretofore unexplained results. In particular, we understand why the argon percentage in air is so essential for the observation of stable SL.