The 2008 GLOBAL Land-Ocean average was 0.438 Celsius degrees (above baseline mean of 14C), according to the Goddard Institute for Space Studies.
The 0.41-0.50 contract, trading on the Global Warming Exchange, expires in the money. Recent average temperatures peaked at 0.62 Celsius above in 2005, and was 0.57 above in 2007. Nice long-term temperature graph here.
I'll announce the 2009 contract shortly.
UPDATE: The 2009 contract is up. Click here, or in the Inkling Markets box on the upper right of the page.
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