A Vlasov equation for bubbly flow is modified to account for local int
eractions between bubbles. Fluid equations are deduced in the limit wh
ere local interactions cause the system to become locally Maxwellian.
The resulting fluid equations are well posed for sufficiently large te
mperature. We compute void wave speeds that are found to be in agreeme
nt with experiments. In the limit when the temperature is zero, we rec
over fluid equations previously derived by other investigators. In thi
s limit there are solutions of the equations that blow up in finite ti
me.