AMARILLO, TX (KFDA) - The 3rd annual helium auction generated nearly 43 million dollars in revenue. In 2015, the auction grossed 28 million.
The Bureau of Land Management conducted the auction. They own more public land than any other government agency.
Despite planning to close the facility in 2021 officials say the helium reserve is a benefit to the panhandle.
"Our economic impact on the local economy has been estimated between $12 and $15 million," said Assistant Field Manager Samuel Burton. "We provide jobs through, projects, construction and work required for our facilities."
The revenue generated from the auction pays for the overhead and operation costs. All excess revenue is returned to Congress' general fund.
This year the Bureau of Land Management expects to send $120 million to the federal government this year.
The agency uses auctions to determine how much companies are willing to pay for helium. They use data from the auction to determine their market prices.
They plan to sell helium on the market in August.