Lobster Now Cheaper Than Hot Dogs?

Lobster Now Cheaper Than Hot Dogs?

Food & Drink

Lobster Now Cheaper Than Hot Dogs?


By Cari Martens

Looking for a bargain food to grill at your next backyard barbecue? Try Maine lobster. Per pound it’s less expensive than hotdogs right now, according to lobster boat captain Mike Dassatt, who fishes the coast near Belfast, Maine. Dassatt is quoted in an article for cnnmoney.com by Jon Birger.

Tourists in Bar Harbor and Kennebunkport are loving the new lower prices, but the Maine lobster fishing industry is struggling through the deepest price declines in generations. The worldwide economic slump has driven down the cost of luxury items, and lobster is perhaps the poster child of luxury foods.

Restaurant demand is down 30-35 percent compared to 15-20 percent for other seafoods, reports Michael Tourkistas, CEO of East Coast Seafoods. In the story by Birger, Tourkistas comments that ‘Lobster is considered a celebration food…and right now people don’t have a lot to celebrate.’

In addition to the depressed demand, there are troubles with Icelandic banks, which have been primary lenders to the fishing industries, including the major Canadian lobster processors. Not to mention the fact that the size of the lobster catch is bigger than ever these days. Big supply + smaller demand = lower prices.

Some lobstermen have resorted to selling directly to the public at roadside stands along the Maine coast.

Have cheap lobster prices hit your supermarket or neighborhood seafood shop yet? Keep a lookout.

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