An important element in the medical and aerospace industry, Helium, is having a major shortage and it is affecting lots of industries. It is a naturally occurring gas and people most commonly use it in the air balloons. In fact, helium is so important that a list of its uses also include some potential technologies. Unfortunately, the world is now facing the scarcity of helium which has raised its prices by 135%.
Since helium is a naturally occurring resource in the atmosphere of the earth. Thus, it cannot be produced in any technical way. Thus, scientists have proposed another way of harvesting it from the earth. It is also present in the natural deposits in the earth which can be taken out from there but it also has a complication i.e. it is a very lightweight gas and will quickly escape and float to the upper atmosphere as soon as it gets released from the earth.
According to Gasworld, the three main producers of helium viz. Texas, Qatar, and Wyoming share almost 75% of the world’s total. Texas has been the largest supplier of helium since decades but now their reserves are depleting. Thus, the US government has auctioned its production site to a private firm. It has raised the prices of crude helium by 135% for future delivery in 2019.
Another reason for the shortage in US resources is that they have been rationing the supply of Qatar. Qatar was also a leading supplier of helium but in February 2018, they announced economic embargo which subsequently resulted in chaos. This disturbance in the supply chain of helium has slacked down the global supply by 30%.
However, the Geological Survey of US has reported that there are many firms that are investing in the exploration of other sites of helium and by the end of this decade. The main source of extraction facilities of helium is going to set in international boundaries.
With a strong hold on the business domain with an experience of over 10 years, Fritz Shaffer owns a Masters Degree in Business Administrations. He is associated with Industry News USA from last 3 years and handles the Business section successfully. In team Industry News USA, Fritz is known as an affluent source of knowledge. He is honored for greatest efforts in his field. With a unique style of communicating, Fritz is labeled as a problem-solver of Industry News USA.