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Lobster lovers don’t have to splurge to put the local delicacy on their tables. Despite the sluggish economy, local lobster prices have reached the lowest price that consumers have seen in two decades.
The severe drop in lobster prices is greatly hurting the local fishing industry.
“Lobstermen are struggling to break even when going out and getting lobster,” said Robert Bayer, a professor of animal and veterinary sciences at the University of Maine and executive director of the Lobster Institute.
Lobstermen are paid approximately $2 per pound for lobsters. The low sale price coupled with fuel and production expenses makes it difficult for lobster boat captains to make a profit. On top of employee salaries, boat captains pay $4 for a gallon of diesel fuel and $40 for a bushel of bait.
Reed Asherman, a student at UMaine who works on a lobster boat, said some lobstermen have stopped going out for lobster because the cost of one day of fishing outweighs the profit of selling the lobster. Some local businesses are trying to aid local lobstermen – grocery stores are advertising the low prices, pushing consumers to purchase lobster and local Toyota dealership used lobster in a promotion to sell vehicles.
Bayer attributes the sudden drop in lobster prices to the slumping economy. Consumers have been keeping their wallets closed as much as possible due to fear of America’s economic future.
Customers have been lining up to take advantage of low lobster prices across the state. Market Basket is selling lobsters at $4 a pound. Stonington Lobster Company has the cheapest lobster in the state at $2.75 per pound.
The low demand for lobster could have a direct effect on Maine’s economy, which is responsible for 80 percent of lobster consumed in the U.S. Maine brings in 63 million pounds of lobster a year for national export. The Maine lobster industry contributes $1 billion a year to Maine’s economy.
Matt Rego, a senior engineering student at UMaine, said he will take advantage of the low cost and cook lobster for himself and his roommates. Lobster prices usually drop in the fall because lobsters molt and get a new shell, which means less meat will be in the lobster. The Lobster Institute reports that some consumers are even purchasing lobster and freezing it for later consumption.
The university is also taking advantage of the cheap lobsters. This week, the university held a “surf and turf” steak and lobster dinner at York and Hilltop Commons, where students could have a lobster for one meal swipe.
Consumers who are looking to buy lobster in the future should call the local supermarkets and farmers’ markets and check pricing.
Information on how to freeze lobster or send lobster to family or friends is available at Bayer’s Web site, lobsterinstitute.org.
