The Bureau of Land Management announced Thursday it has completed a more than decade-long process to sell off the federal government’s massive federal helium stockpile, transferring $460 million in proceeds from the sale to the U.S. Treasury.
BLM was required by Congress in the Helium Stewardship Act of 2013 to sell off the stockpile the government first began collecting in 1925. Helium is produced as a byproduct of natural gas drilling. Its unique properties as a nonreactive gas and supercooling liquid make it invaluable for MRI machines and rocket fuel.
Earlier this year, BLM held a competitive lease sale for the Federal Helium System and completed the sale of the system to Messer Americas in June.
“The sale of the Federal Helium System and subsequent transfer of funds marks the end of an era and a successful transition to private industry,” BLM New Mexico State Director Melanie Barnes said in a statement. “The Department of the Interior and the BLM commend the efforts of all involved in this process, including ensuring that maximum value was obtained as part of this historic shift.”
