Texas Carrier, WIT Transportation, Calls it Quits After More Than 20 Years in Business

[Mike]

Odessa, TX – A Texas carrier is calling it quits and shutting its doors after more than twenty years in business.

Odessa, TX-based WIT Transportation will no longer be hauling freight and will soon wind down all business operations.

Matt Benton, owner of WIT, tells Transportation Nation Network (TNN) the decision to shut down was a difficult one, but the “freight downturn” in the oil and gas industry was too much to overcome

Texas Carrier Calls it Quits After More Than 20 Years in Business

Odessa, TX - A Texas carrier is calling it quits and shutting its doors after more than twenty years in business. Odessa, TX-based WIT Transportation will no long

transportationnation.com

 

[Mike]

Oilfield struggles taking their toll now, and oil prices are going to continue to tank.

 

[Uncle Birchy]

Oilfield struggles taking their toll now, and oil prices are going to continue to tank.

Oil dropped 30 percent overnight...

Saudi Arabia and Russia have started a price war..

"As noted overnight, the catalyst for today's historic rout was the plunge in crude, which tumbled as a result of Saudi Arabia launching an all out price war, one which may result in as much as a 4 million barrel production surplus per day, and which at one point tumbled more than 30%, the most since the Gulf War in 1991. After paring some losses, WTI and Brent remained down about 20%"

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[Rigjockey]

Oil dropped 30 percent overnight...

Saudi Arabia and Russia have started a price war..

"As noted overnight, the catalyst for today's historic rout was the plunge in crude, which tumbled as a result of Saudi Arabia launching an all out price war, one which may result in as much as a 4 million barrel production surplus per day, and which at one point tumbled more than 30%, the most since the Gulf War in 1991. After paring some losses, WTI and Brent remained down about 20%"

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

Yup Once again Saudi has flexed it's muscle against Russia. Again like last time the unintended consequences is it also hurts N. American oil production.

 

[Rigjockey]

Oilfield struggles taking their toll now, and oil prices are going to continue to tank.

Yup!
And as oil workers get laid-off there will be major defaults in loans and mortgages contributing to the next recession.

 

[Sinister]

Occidental Petroleum finished the day almost 40% lower than it opened.

TIME TO BUY!!!

 

[vaportrail]

I hate to say it but if you didnt learn after 2008 you never will. i cant feel bad for those who leveraged themselves to the wall keeping up with the Jones i could work 40 a week and still be fine

 

[Rigjockey]

Occidental Petroleum finished the day almost 40% lower than it opened.

TIME TO BUY!!!

Definitely time to buy soon!
I am sure I lost everything that I gained this year today. The reality is until I cash out I have not lost or gained anything. It is just all on paper.
I have been expecting this for a while now.
Like you said this the time to buy.
Do not sell anything.

 

[vaportrail]

Definitely time to buy soon!
I am sure I lost everything that I gained this year today. The reality is until I cash out I have not lost or gained anything. It is just all on paper.
I have been expecting this for a while now.
Like you said this the time to buy.
Do not sell anything.

your an elite trading mind

 

[Rigjockey]

your an elite trading mind

One of my good friends is a licensed stock broker. No he won't make trades for friends or family but, He will give advise, not on stocks but, when to hold 'em and when to fold 'em

 

[vaportrail]

One of my good friends is a licensed stock broker. No he won't make trades for friends or family but, He will give advise, not on stocks but, when to hold 'em and when to fold 'em

I said today if I had a few million laying around it would be time to jump. I guarantee the big boys were buying like crazy by the end of the day. they are gonna make out like bandits by the end of this. they may have theoretically shown a loss today but it will turn

 

[Rigjockey]

I said today if I had a few million laying around it would be time to jump. I guarantee the big boys were buying like crazy by the end of the day. they are gonna make out like bandits by the end of this. they may have theoretically shown a loss today but it will turn

I fully agree!

 

[Uncle Birchy]

Definitely time to buy soon!
I am sure I lost everything that I gained this year today. The reality is until I cash out I have not lost or gained anything. It is just all on paper.
I have been expecting this for a while now.
Like you said this the time to buy.
Do not sell anything.

I think the market has much farther to fall before it bottoms out..

Much of our stock market value is the result of Corporate BuyBacks from the 2017 Tax Cut and that's been "waning"..

The rest is simply the Fed pumping "Liquidity"..

Despite all this growth remains in the 2 percent range..

Frankly I'd like to see a "Blood" Letting so we can finally shake off the "excesses" and get back to "reality"..

 

[Rigjockey]

I think the market has much farther to fall before it bottoms out..

Much of our stock market value is the result of Corporate BuyBacks from the 2017 Tax Cut and that's been "waning"..

The rest is simply the Fed pumping "Liquidity"..

Despite all this growth remains in the 2 percent range..

Frankly I'd like to see a "Blood" Letting so we can finally shake off the "excesses" and get back to "reality"..

I agree with every statement you made in this post!

 

[mndriver]

your an elite trading mind

You're.....

 

[Uncle Birchy]

Yup!
And as oil workers get laid-off there will be major defaults in loans and mortgages contributing to the next recession.

There's a Trillion in sub-grade bonds that could spark a financial crisis..

Shale Oil is expensive to extract and $40 is Break-Even per barrel..

Many drillers are already on the Margins..