Economy

Thanks to a steep drop in crude-oil prices, gas costs have fallen below $3 a gallon in parts of Michigan, Missouri and Texas, and are expected to decline in many other states as well.

Call it an unexpected bright spot in the global economic crisis. Now that drivers have cut back on trips, shippers are moving fewer goods, and vacationers are staying closer to home, the demand for gasoline, diesel and jet fuel has fallen accordingly. And as we all learned in Economics 101, less demand equates to lower prices.

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We've known for some time that this year's wildfire season has been the worst in the state's history, but now we know what that means in dollars and cents for the east Texas timber industry.

The Texas Forest Service reports over the last 10 months, east Texas wildfires have wiped out more than $97 million worth of the region’s trees.

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The scorching heat and unrelenting drought are forcing members of the largest livestock association in Texas to reduce their herds by almost 40 percent, but it hasn't shaken their confidence in the future of the industry.

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In a speech given from the White House Rose Garden on Monday, President Obama proposed a $3 trillion plan to cut the deficit, with half of that amount covered by increased taxes on the wealthy and another $800 million financed by letting the Bush-era tax cuts expire.

“If we are going to make spending cuts… then it is only right we ask everyone to pay their fair share … We can’t afford these special lower rates for the wealthy. We can’t afford them when we are running these big deficits,” he said.

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With unemployment over 9 percent, most people who're working these days are just grateful they have a job.  A job, any job, even one you hate, is better than having no job and depending on welfare.  Or is it?

Speaking of "hated jobs", you may be surprised to know that list includes some of the best-paying jobs in the country.  It's true. Read on.

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The Texas Forest Service says scam artists are using extreme drought conditions and a tough economy to swindle landowners into making bad deals on timber sales.

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On Monday, Bank of America announced that part of its plan to cut $5 billion in spending by 2014 includes the elimination of 30,000 jobs.

CEO Brian Moynihan made no mention of layoffs during an investor conference, and the bank says it expects the job losses to occur naturally through attrition and not rehiring when people vacate their positions.

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Meeting at its corporate HQ in North Carolina, Bank of America's Board of Directors and top executives have decided to eliminate at least 40,000 jobs, mostly in California, and close a number of branches all over the country.

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