In this paper the stability behaviour of a thin, clamped ended pipe with a high velocity internal flow is considered. The dynamic fluid loading is developed by using potential theory for an incompressible, inviscid fluid and the motion of the pipe is represented by the Flugge-Kempner shell equation. The solution is obtained by using Fourier integral theory and the method of Galerkin. For the limiting case of a relatively long thin pipe a particularly simple expression is found for the critical velocity. When both ends of a pipe are fixed, static divergence always precedes the onset of flutter and, hence, a relatively simple approach is sufficient for predicting the critical velocity. Furthermore, the mode shape at divergence instability always corresponds to that of the lowest natural frequency of the pipe, being comprised of one axial half-wave and a number of circumferential waves depending on the length and thickness ratios. The theoretical results are shown to compare well with experiments and previous work developed by different methods.