||1:Oil is one reason.||2:America may be the world’s biggest producer, but because consumption still exceeds what it pumps it must still shop on the world market.||3:This does not make it dependent on Saudi Arabia, though.||4:Oil is fungible : lousy relations with Russia, the second-biggest producer, do not threaten America’s economy.||5:As the owner of the biggest reserves, which are also very cheap to extract, Saudi Arabia is the crucial swing producer.||6:But America’s shale technology has put a ceiling on the oil price, and its economy is less oil-intensive than three decades ago.

||1:石油是一方面原因。||2:美国可能是世界上最大的生产商，但是因为消费仍超过了产出，所以它还得在世界市场上采购。||3:即使是这样，它也不会完全依赖沙特阿拉伯。||4:石油是可替代的：和世界上第二大石油生产商俄罗斯之间恶劣的关系，并没有威胁到美国经济。||5:最为世界上最大的油气储备国，提炼成本也是非常廉价，沙特阿拉伯是最具决定性的生产调节者。||6:但是美国的页岩技术已经让油价有了上限，而且它的经济不再像30年前那般以石油为中心。

||1:These numbers suggest that the existence of even a small legal market increases the incentive for poaching.||2:It allows black-marketeers to pass off illegal ivory as the legal variety, and it sustains demand.||3:The biggest market is in China.||4:Last year the government banned domestic sales of ivory, but its customs officials seize a lot of smuggled products—notably from Japan, which CITES licensed as a market in 2007.||5:For the poachers, ivory is fungible .||6:If it is hard to secure in Zambia or Botswana, another country’s elephants will be in the gun-sights.||7:Congo, Mozambique and, especially, Tanzania, have seen sharp declines.||8:Unfair though it is, countries with better-run conservation programmes are, in effect, paying for the failings of those with feeble institutions.

||1:这些数字表明，即使存在一个小的合法市场，也会增加偷猎的动机。||2:这会允许黑市商人将非法象牙冒充合法品种，并维持了需求。||3:最大的市场在中国。||4:去年，政府禁止在国内销售象牙，但其海关官员查获了大量走私产品，尤其是来自日本（日本在2007年获得《濒危野生动植物种国际贸易公约》的许可）的走私产品。||5:对于偷猎者来说，象牙是可以替代的。||6:如果在赞比亚或博茨瓦纳很难保证安全，另一个国家的大象将会成为枪口的目标。||7:刚果、莫桑比克，尤其是坦桑尼亚，人口急剧下降。||8:尽管这是不公平的，但拥有更好管理的保护项目的国家实际上是在为那些制度薄弱的国家的失败买单。

But financial innovation and globalisation have made capital fungible .

但金融创新与全球化已使得资本变得可以替代。

But the fact that art masterpieces are also non-fungible does not stop their prices from falling.

但名画也是不可替代的，这一事实却未能阻止名画价格的下跌。

When I suggested that half garlic breads should be fungible , she accused me of making the word up.

当我指出两个半块蒜蓉面包具有可替换性时，她指责我杜撰词汇。

The industry’s heavyweights, too, are working to make computing more fungible .

工业级的重量人物也开始致力于使计算具有更加灵活的替代性的研究中。

the feasibility report compiled by all operators (fungible of project proposition);

合营各方共同编制的可行性研究报告（代项目建议书）；

Money is fungible .

货币是可替换物。

Biodiversity is not fungible , as carbon is: its value is more like that of real estate than that of a commodity.

生物多样性和二氧化碳不同，它是不可置换的，其价值类似房地产而非普通商品。

Oil is a globally traded and fully fungible commodity, making it difficult for a producer to reliably cut off a customer.

石油是全球交易、并完全可替代的大宗商品，产油国很难有效孤立某一家顾客。

Oil is a fungible commodity so buying a distant barrel simply frees up a nearer one for someone else.

石油是一种可代替的大宗商品，因此，从远处买一桶油，不过是为他人腾出一桶近处的油。

Survey-count method analysis of fungible fuel electricity price for the small sized hydropower FF ecology protection project

小水电代燃料生态保护工程代燃料电价测算方法分析

Sales of gold coins have soared as savers seek a safer and fungible source of value.

由于储蓄者纷纷寻求一个更安全、更易于变现的价值来源，金币销售出现飙升。

In the traditional view of economists, all money is interchangeable, seamlessly fungible , and “free” from social or cultural influences.

在经济学家传统的理念里，所有的资本都是可交换的，无间隙地替代者，而且免受于社会以及文化的影响。

It can, to some extent, be bought and sold. But it cannot be traded to third parties, and it is not entirely fungible .

在一定程度上它可以买卖，但却不能交易给第三方，也无法彻底被替代。

fungible goods

n.可代替商品,可互换商品

fungible things

代替物 ,可代替物

fungible freight

可代替的货物(如煤、粮、矿砂等同类同级的货物)