Local businesses hurting during oil downturn

Local businesses hurting during oil downturn

ODESSA, TX (KWES) - As oil trading prices continue to drop more small businesses in The Permian Basin are struggling.

In the past few months West Texas has seen several businesses that residents say are staples of the community close their doors.

The latest business has been opened 17 years.

"I'm getting tired of the highs and the lows," said Pet Connection owner, Carolyn Hart.

Hart is closing Pet Connection's doors after 17 years, she said the store was going to close years ago because of the economy slowing down but she saved it. This time, she just couldn't do it again.

"October 1 [2015] it was like someone hit the light switch. It just went from [the business] I've done for 6 years to one third of it, without warning," said Hart.

The announcement comes after another very similar store in Odessa closed their doors as well. Experts say this probably will not be the last business to close if the oil prices don't pick up soon and the reason is very simple.

"It's supply and demand. There is more supply than there is demand," said oil consultant, Morris Burns.

The best way to help the Permian basin through this downturn? Hart said it's to shop small.

"Businesses need your local support. All of our money comes back here, it doesn't go anywhere else," said Hart.

The businesses we've talked to about closing say they have known for months they would have to close their doors but they extended it in hopes that the oil would experience another boom. Experts say, there is no word on when that will happen.

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