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Wednesday, October 22, 2008

We Present a Positive Aspect of the Recession


The price of Maine lobster, which accounts for 80 percent of the U.S. catch, is tanking.

The primary factor, a drop-off in demand by penny-pinching diners, has been in place since summer. But a secondary problem recently surfaced: the global banking crisis left Canadian processors short on credit, trapping Maine lobstermen and dealers with too much supply.

Along the Portland waterfront, seafood shops are selling lobsters for as cheap as $3.89 a pound, which is about the price of bologna at the deli counter.