Price for Lobster Skyrocketed Due to Shortage
By Yiming Zhao 4/24/2018
The shortage of lobsters sent the price soaring to 15 dollars a pound today compared to $8 per pound last year.
Local restaurants have adjusted their menus due to the price hike. According to the Boston Globe, the typical pricing for a lobster roll at North Square Oyster in the North End is $24. The owner changed the price to $29 at dinner for the past few days but he was still losing money because it costs him about $47 to prepare the rolls.
The lobster shortage was caused by bad weather, increasing international demand, and iced-over Canadian fisheries.
Due to limited federal permits, only 25 percent of Maine’s fleet can go lobster trapping at this time of the year, according to the Boston Globe. Add the windy weather and the nor’easters this spring and that meant fewer fishermen on the water overall. As a result, the U.S. market must rely heavily on Canadian lobster fisheries, but they too have been affected by the cold weather.