alt Hacker NewsAfter squandering the national helium reserve for years, because "lol free markets" ideology. It's crazy that we put that stuff into balloons for fun (helium is pretty abundant in the universe, but the economically viable sources are fossil).
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pessimizer • today at 7:47 PM
> It's crazy that we put that stuff into balloons for fun
We barely do anymore; one of the main reasons the Party City chain went bankrupt was the sharp rise in the cost of helium. The other two were covid and private equity of course lol.
> The following year, the owners had Party City borrow $338 million to pay themselves a dividend.
https://www.nbcnews.com/health/health-news/us-just-sold-heli... (2024)
> On Thursday, the U.S. government sold the Federal Helium Reserve, a massive underground stockpile based in Amarillo, Texas, that supplies up to 30% of the country’s helium.
> Once the deal is finalized, the buyer — which will likely be the highest bidder, the industrial gas company Messer — will claim some 425 miles of pipelines spanning Texas, Kansas and Oklahoma, plus about 1 billion cubic feet of the only element on Earth cold enough to make an MRI machine work.
> ...
> The sale has been in the works for more than a decade. Congress first mandated it through the Helium Stewardship Act of 2013. It was initially supposed to occur in 2021, but a series of delays — in part due to the same logistical and regulatory issues threatening shutdowns today — postponed the auction to Thursday.
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The Helium Stewardship Act: https://www.congress.gov/bill/113th-congress/house-bill/527
https://www.blm.gov/programs/energy-and-minerals/helium/stew...
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And its been on the "todo list of the federal government for decades"
https://en.wikipedia.org/wiki/Helium_storage_and_conservatio...
> ... Since 2013 the world's largest helium hub is no longer located in the United States of America but in Qatar, which produces 1.3 billion cubic feet of helium per year from a single project and meets 25% of the global demand. One challenge related to bringing new helium sources onto the market is that it usually requires venture capital financing. Another challenge is that the current selling price of U.S. Cliffside helium is too low to encourage more new producers to enter the field.
https://en.wikipedia.org/wiki/Helium_Privatization_Act_of_19...