An article in The New Yorker looks at the complexity of the lobster market, including the current glut of lobsters that is hurting New England fishermen. Yet why aren’t restaurant prices reflecting this overabundance of lobster? A lot of it comes down to marketing.
Here’s an excerpt:
For more than a decade, we’ve been living through a commodity price boom. From oil to wheat and beef, the general rule has been that if you farmed it, caught it, or took it out of the ground you were probably going to make money selling it. But there has been a strange exception: lobster. In 2005, Maine lobster was selling for almost $6 a pound wholesale. By 2009, it cost just half that, and, in the past couple of summers, huge lobster harvests, believed by some to be a result of global warming, have glutted the market, sending prices tumbling further. This month, lobster off the boat is selling for as low as $2.20 a pound.