A market economist is optimistic about oil and gas prices, not just today, but over the next five to ten years.

Rory Johnston, the managing director and a market economist with Price Street, made a presentation at Noia’s Oil and Gas Conference in St. John’s yesterday.

He says Brent crude was trading at $75 dollars a barrel as of yesterday, something that would have been considered “far fetched” just one year ago.

Oil prices have jumped $100 dollars a barrel over the last 17 months if you consider the period during which it was actually trading negative.

Johnston says there are a number of factors that contribute to his optimism about oil and gas prices over the next decade.

He says the market remains tight and prices remain high. Despite that, investor interest remains relatively low and further deficits “are expected in the supply-demand balance.”