Fluid pressure in the crust may be controlled by different mechanisms according to depth, temperature, and the mineralogy of the host rocks. Where rocks are fluid-saturated, fluid pressure may approach lithostatic or hydrostatic pressure depending on the ductility of the wall rocks and the connectivity of pores and fractures. However, if the host rocks contain minerals formed at temperatures higher than those currently prevailing, they will react with fluids to produce hydrated (or carbonated) retrograde minerals, and the fluid pressure will be limited by thermodynamic equilibrium between high-grade reactant minerals and retrograde products. The thermodynamically constrained parameter, water fugacity, may have a value of tens to hundreds of bars in the lower crust. In practice, this means that for typical igneous or high-grade metamorphic rocks now occurring in stable lower crust, notional fluid pressures are substantially (1 to 3 orders of magnitude) lower than lithostatic. No free, connected fluid phase can be present in deep stable crust, and alternative explanations must be sought for the relatively high electrical conductivity of such rocks. The proposal that high lower crustal conductivity is due to thin grain boundary films of graphite is also unlikely to be generally true because films of sufficient thickness would be readily visible on broken surfaces of hand specimens. An alternative explanation of the discrepancy between laboratory and field measurements of the conductivity of high-grade rocks is that laboratory measurements are not normally made under appropriate conditions of rock-buffered fluid pressure. ¿ 1997 American Geophysical Union