In the fetal dog, simultaneous recording by transcutaneous PO2 and PCO2 and tissue pH electrodes were compared to corresponding arterial values during hypoxic episodes produced by occlusion of the maternal abdominal aorta. Before occlusion, the differences between the paired values were minimal. Under anoxic conditions, expected changes in the peripheral circulation were observed. However, the transcutaneous PO2 was lower, the transcutaneous PCO2 much higher, and the tissue pH much lower than in blood. Continuous electrodes demonstrate changes resulting from gas and hydrogen ion coming from cells more readily than blood because they are closer to the former. Additionally, carbon dioxide and hydrogen ion are buffered to a greater degree in blood than in cells. Consequently, under conditions of stress and active metabolism, PCO2 is higher while PO2 and pH are lower in cells than in blood. When compared with monitoring of gases and acid-base balance through blood sampling, continuous transcutaneous and intracutaneous monitoring would seem to be more representative of the environment at the cellular level.