BOWIE, TX (KAUZ) - A downturn in the energy sector has forced one Texoma business to close shop.
Jim Gilbow of Gilbow Tank Trucks is getting out of the business after nearly two decades of operation.
"We were getting about $2 a barrel for hauling water, and now we're getting about a $1.10 to haul water," said Gilbow.
Gilbow would haul water for oil companies to and from their fields and derricks. This was before a massive drop in oil prices that has since caused Gilbow to go beyond some simple downsizing. Instead, he's just closing for good.
"You can't pay your bills on what we are doing now. Three years ago, I had 78 people. I had 28 the other day when I started laying them off," said Gilbow.
Back in 2013, the average price for a barrel of gas was around $94 a barrel. Today, that price has shrunk to just over $44 per barrel. Gilbow blames his misfortunes on oil company's refusal to increase prices for services he once offered.
"We've been through several booms and busts, but it's never been quite like this. If things don't turn around, the oil doesn't come up, the gas prices don't come up oil, and operators are not going to drill," said Gilbow.
He's worried that without an increase in prices or a pull-back in regulations of the industry, others in the oil service industry will close like he has.