BP cuts jobs in Houston due to low gas prices

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HOUSTON, TX - What's great at the pump hasn't been so great for the economy. Especially in the wake of BP's round of layoffs at their Houston offices due to falling oil prices. That means, there'll soon be plenty of folks with full gas tanks but with no jobs to drive to. Oh, the irony.

So far, BP hasn't said how many of it's estimated 6,000 Houston employees will be let go. Some workers have already been notified this week that they will be laid off. This bad news comes on the heel of other Houston based oil industry giants, Halliburton and Schlumberger, calling for their own cuts this coming year. So while it may sound nice to pay less at the pump, the low price of oil might just be sucking some of the energy out of Houston's growth. But there might be some light at the end of the tunnel.

After a steady four-month decline in gas prices, the average gallon of gas recently edged up a one whole cent, from $2.03 to $2.04. The first increase in 123 days.

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