The Nature of Nearby Counterparts to Intermediate Redshift Luminous   Compact Blue Galaxies II. CO Observations
  We present the results of a single-dish beam-matched survey of the three lowest rotational transitions of CO in a sample of 20 local (D < 70 Mpc) Luminous Compact Blue Galaxies (LCBGs). These ~L*, blue, high surface brightness, starbursting galaxies were selected with the same criteria used to define LCBGs at higher redshifts. Our detection rate was 70%, with those galaxies having Lblue<7e9 Lsun no detected. We find the H2 masses of local LCBGs range from 6.6e6 to 2.7e9 Msun, assuming a Galactic CO-to-H2 conversion factor. Combining these results with our earlier HI survey of the same sample, we find that the ratio of molecular to atomic gas mass is low, typically 5-10%. Using a Large Velocity Gradient model, we find that the average gas conditions of the entire ISM in local LCBGs are similar to those found in the centers of star forming regions in our Galaxy, and nuclear regions of other galaxies. Star formation rates, determined from IRAS fluxes, are a few solar masses per year, much higher per unit dynamical mass than normal spirals. If this rate remains constant, the molecular hydrogen depletion time scales are short, 10-200 Myr. 
C. A. Garland (Castleton State), J.P. Williams (IfA Honolulu), D. J.   Pisano (ATNF and NRL Washington), R. Guzman (Florida)...