AMARILLO -- Get ready for helium prices to rise.
While only two companies wound-up with winning bids in the auction, everyone in attendance left happy.
Everyone in the room is set to make more money. That includes the losing bidders and the Bureau of Land Management who held the auction.
13-bidders in all signed-up for the auction but it quickly became obvious who would dominate.
The international gas and chemicals company Air Products won ten of 12-lots up for bid.
They spent more than $11-million on 72-million cubic feet of the gas.
While Air Products" was the big winner. Other companies that deal in helium say today's auction was good news for everyone in the industry.
BLM Amarillo Field Manager Robert Jolley said, "We didn't know, as a first auction, we knew we were going to set the auction price reserve at 100 dollars but, we didn't know if we would get one bidder at a hundred."
Scott Sears with IACX Energy out of Dallas says the government was selling helium too cheap.
"I think it's great news. We have a high helium price and it's going to be very helpful to natural gas producers in the Panhandle and the Rocky Mountain Region."
When the day started, the Bureau of Land Management was selling helium for $95 per 1,000 cubic feet.
Today bidders spent twice that much for some lots. The lowest price was $130.
When the BLM averages the prices from today's auction one thing is clear, the price of helium for everyone will go up.
The BLM also comes out a winner in this.
They made nearly $15 million from the auction.
Once they pay expenses the remainder goes to the US Treasury.
The BLM is forced to sell resources from the U.S. helium reserve because of the Helium Stewardship Act of 2013 signed by president Obama.