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Helium discovered in Minnesota as US supplies dwindle
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A potential helium reservoir was discovered in Minnesota last week, when drillers bored deep beneath the forest floor of the state’s Iron Range as supplies of the noble gas dwindle in the U.S.
Pulsar Helium Inc., a Canadian-based company, announced in a news release on Thursday that its team encountered gases with concentrations of up to 12.4% helium when its drilling rig reached a total depth of 2,200 at the Topaz Project drill site. Helium concentrations above 0.3% are considered economically viable.
Thomas Abraham-James, Pulsar’s president and CEO, said he is “delighted” about the “outstanding result.”
“It is a big day for helium exploration, confirming the original discovery in the new jurisdiction of Minnesota. I look forward to keeping the market updated with further results as they are received,” Abraham-James said.
Pulsar Helium Inc. found helium with concentrations of up to 12.4% at the Topaz Project drill site in Minnesota’s Iron Range. (Pulsar Helium / Fox News)
The concentration was measured with a mass spectrometer at the drill site, and samples of the collected gas will be sent to a “specialist gas laboratory for full molecular composition, removal of atmospheric (air) contamination, and isotopic characterization,” the company said.
Abraham-James told the Minneapolis Star Tribune that nearly all helium is a byproduct of natural gas production, but the lesser gas isn’t a priority for those companies.
The find comes after the Compressed Gas Association issued a letter in January warning about potential helium supply chain disruptions as the U.S. government sells off its Federal Helium Reserve System. (Pulsar Helium / Fox News)
Helium’s unique qualities make the gas an important and desired resource.
While known as a lightweight gas that can fill balloons and blimps, helium can also take a liquid form that acts as a coolant for superconducting magnets needed to operate MRI machines and in the manufacturing of semiconductors. The gas also has applications in the defense industry, from rocket engine testing to air-to-air missile guidance systems and more.
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In January, the Compressed Gas Association warned in a letter that the U.S. government’s selling of its Federal Helium Reserve System (FHR) “could lead to severe disruptions in the U.S. helium supply chain.”
The FHR spans across Texas, Oklahoma and Kansas and provides 20% of the U.S. helium supply.
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The Minnesota helium reservoir was accidentally found in the Iron Range in 2011 when a company called Duluth Metals was drilling for platinum and palladium, according to local news outlets.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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