A glut of Maine lobsters

last updated 8 January 2015

Good news for Maine vacationers this summer: Lobster rolls should be cheap and plentiful, said Jerry A. DiColo and Nicole Friedman in The Wall Street Journal. Lobster prices are as low as $1.25 a pound in parts of the state, about 70 percent below normal and nearly a 30-year low. The reason: An unseasonably warm winter created a “supply glut” for the state’s $300 million-a-year lobster industry. Veteran lobsterman Peter Miller says his traps have brought in hauls four times larger than normal, but his business is struggling. “My catch is ahead of last year, but my checkbook says I’m not doing as well,” said Miller. Some Maine fishermen have tied up their boats, in the hope that a smaller supply will cause prices to rise. Lobster fans outside Maine “aren’t likely to see bargains.” The lobsters currently in season have soft shells and can’t be shipped far.