When the importance of helium was first understood in the period between the wars, the only known source was helium trapped in natural gas deposits in Oklahoma and nearby.
The American government imposed mandatory recovery and conservation, and refused to sell it to the Nazis for dirigibles. Helium Act of 1925, 50 USC § 161
During the craze for deregulation (in the Clinton administration), this was replaced by the Helium Privatization Act of 1996, just as MRI was catching on.
Public Law 104–273 was enacted as an amendment to the previous helium laws.
110 STAT. 3318 PUBLIC LAW 104–273—OCT. 9, 1996
Among other features of this privatization law:
Section 8 is amended to read as follows:
‘‘SEC. 8. ELIMINATION OF STOCKPILE.
‘‘(a) STOCKPILE SALES.—
‘‘(1) COMMENCEMENT.—Not later than January 1, 2005,
the Secretary shall commence offering for sale crude helium
from helium reserves owned by the United States in such
amounts as would be necessary to dispose of all such helium
reserves in excess of 600,000,000 cubic feet on a straight-
line basis between such date and January 1, 2015.
‘‘(2) TIMES OF SALE.—The sales shall be at such times
during each year and in such lots as the Secretary determines,
in consultation with the helium industry, to be necessary to
carry out this subsection with minimum market disruption.
‘‘(3) PRICE.—The price for all sales under paragraph (1),
as determined by the Secretary in consultation with the helium
industry, shall be such price as will ensure repayment of the
amounts required to be repaid to the Treasury under section
6(c).
‘‘(b) DISCOVERY OF ADDITIONAL RESERVES.—The discovery of
additional helium reserves shall not affect the duty of the Secretary
to make sales of helium under subsection (a).’’