LAFAYETTE - The president and CEO of Stone Energy Corp. in Lafayette says he's confident the oil and gas industry will bounce back.

David Welch told the quarterly meeting of the Louisiana Oil & Gas Association on Wednesday that as the world population grows so will the demand for energy. Welch didn't say specifically when he expects the industry to make a comeback, however.

He told the group that demand for oil will close the gap created by a current oversupply of oil. He predicted that as the oil supply shrinks prices will fall, creating a gradual recovery in the industry.