Aug 20, 2009 1:50 pm US/Eastern
Low Lobster Prices Leave Fishermen To Sink Or Swim
BOSTON (WBZ) ―
Lobster is a New England tradition often associated with luxury. These days, more people are able to tie up their bibs and melt down the butter because lobster prices have sunk to a new low.
While this is great news for consumers, fishermen are forced to find new ways to make money.
THE FISHERMAN
Bernie Feeney is the president of the Massachusetts Lobstermen's Assocation. He's been fishing for 31 years and he still loves his job.
"I love fishing, but I'm not crazy about the business at this point," he said.
Since October, lobstermen have been trapped by the economic downturn. As a result, Feeney makes less money per pound when he sells to distributors and restaurants.
"We went from the $4.50-5.00 range to the $2.50-2.00 range [per pound]. That's devastating," Feeney explained.
THE WHOLESALER
At James Hook Lobster Company, which sells both retail and wholesale, the prices for soft shells start at $4.99 per pound. Eddie Hook has noticed a surge in shipments.
"We're seeing a lot of different people that may have for years said, 'We can't afford it, it's too expensive,' and they're actually coming back and saying 'Wow, this is actually quite a bargain,'" Hook remarked.
THE RETAILER
At Yankee Lobster, only minutes away from where Feeney docks his boat, one employee commented that the $12.95 lobster dinner special is "flying like hot cakes."
Dennis Kelley, who works for the South Boston restaurant, said the lower prices are great for business, "Oh, it's good for the consumer. They love it. It's a great, great price."
Some customers agree. "It's my birthday next week. I always get lobster on my birthday so this is a really good deal," said one woman.
However, another customer had this thought, "I worry about the lobstermen. at some point - we put all the lobstermen out of business."
THE FUTURE
Feeney isn't waiting for the tide to turn. He's been selling lobster off the back of his boat. He also sells his product directly to restuarants and delivers the lobsters.
He will soon have a third job.
"I have people that come on a regular basis and I'm going to sell off the side of the road next week - in Whitman, my hometown."
He'll keep going despite the prices because this line of work just keeps reeling him back in.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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