Cheap Lobster

The cost of lobster is as low as it was in 1980 (while the cost of operating a boat obviously isn't), and lobstermen in Maine are feeling it:

“People are still thinking of lobster as a luxury item, but when it’s cheaper than steak it’s not. Right now it’s cheaper than hamburger,” she said.

The price of lobster, which has been low through most of the summer, dropped by 20 percent last week. According to previous reports, concerns over the crisis on Wall Street have curbed consumer demand for “luxury items,” and the international credit crisis has effectively shut off orders from major processors in Canada.

The price for lobster has continued to decline to 1980 levels. Fishermen reportedly were getting $2.25 a pound in Stonington this weekend with prices closer to $2 a pound reported in other areas of the state.

That’s compared to the $4 a pound which, according to the Maine Department of Marine Resources, fishermen have received in the past several years.