The presence of dissolved gas is shown to have a key role in emulsion stability and emulsion polymerization. The observations have implications for hydrophobic interactions, as well as chemical and biological reactivity. Hydrophobic and micellar surfaces may present favorable adsorption surfaces for dissolved gas as gas hydrates (i.e. clathrates) and/or submicrobubbles, and that concentrating the dissolved gas can lead ultimately to cavitation as the two such surfaces approach.