Amarillo, TX Reports of oil prices stabilizing over the next five years are causing a stir among local oil and gas economists who said the future of oil and gas isn’t easily predicted.If you’re waiting for gas prices to skyrocket, you’re not entirely wasting your time. But with recent reports predicting a 5 year period before oil prices reach $70, local economists said don’t get your hopes up.A report by the International Energy Agency said oil at $55 a barrel is here to stay for the next five years. It said it’s then that we begin to see $73 a barrel.Local economists however, aren’t convinced.Neil Meredith, Assistant Professor of Economics at West Texas A University said he it all depends on volatility to describe prices of commodities and further products like oil.”What that means is that price moves around a lot,” Meredith said.
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Gold and silver exploded on the news of Thursday night’s massive missile attack on a Syrian air base. Speculators and investors, recently enamored and enriched by precious metals, scrambled to buy more of the asset group that typically outperforms during periods of uncertainty, inflation and military conflicts all of which converged this week. Gold and silver blew over highs not seen since early November, trading Friday for $1,275 and $18.35 per ounce, respectively.