The standard model of sonoluminescence suggests that the Coulomb barrier to deuterium fusion may be overcome by high bubble gas temperatures caused by compression heating if the bubble diameter remains spherical during bubble collapse. However, in the more likely collapse geometry of a pancake shape, the temperature rise in the bubbles is negligible. But the collapsing pancake bubble is found to significantly increase the frequency of the infrared energy available in the vibrational state of the water molecules at ambient temperature. For a collapse to liquid density, ultraviolet radiation at about 10 eV is found. Although the ultraviolet radiation is of a low intensity, higher intensities may be possible if the bubble collapse is enhanced by visible and infrared lasers. Neither hot nor cold fusion is predicted in bubble collapse, but the ultraviolet energy at about 10 eV developed in the bubble is sufficient to provide the basis for a new field of chemistry called ultrasound induced and laser enhanced cold fusion chemistry.