Helium Privatization Act of 1997

Helium Privatization Act of 1997 - Amends the Helium Act to repeal requirements for disposal of helium facilities. Revises the formula for price determinations for crude helium sales to eliminate all factors but inflation adjustments.

Revises stockpile elimination guidelines to mandate that half the Federal helium reserves be placed under the authority of the Secretary of Defense, who shall determine and implement helium storage, transportation, and use. States that the Federal Government shall forgive any debt owed on such reserves. Retains the remaining Federal helium under the authority of the Secretary of the Interior. Instructs such Secretary to appoint an Investment Administrator to sell the helium reserves and their attendant production, refining, and marketing assets unless the Secretary of Defense determines such assets are essential to Department of Defense transportation or storage needs. Mandates payment of helium sales proceeds to the Treasury, with a percentage of such proceeds paid as salary to the Administrator pursuant to an agreement between the Administrator and the Secretary of the Interior.

States that such Administrator shall be selected from individuals who submit and make an oral presentation of a written helium disposal plan (including any unobligated natural gas reserves and real estate used in helium refinement and production).

Authorizes the Secretary of the Interior to determine a sales price in consultation with the helium industry, and to sell helium during the period in which no Investment Administrator has been selected.

Declares that discovery of additional helium reserves shall not affect the duties of the Secretaries to make helium sales.

Narrows solely to reserves under the authority of the Secretary of Defense the scope of a currently mandated National Academy of Sciences study on whether disposal of helium reserves will have a substantial adverse effect on U.S. scientific, technical, biomedical, or national security interests.

Repeals the mandate that the Secretary of Defense make recommendations to the Congress on how to avoid potential adverse effects upon such U.S. interests by sales of crude helium reserves.