June 20, 2018
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Decline in lobster market value last month dramatic

The Associated Press

YORK — Gov. John Baldacci says the tanking price of lobster underscores how the market is interconnected with the global economy in ways that weren’t understood previously.

A combination of consumers’ declining appetite along with tight credit that killed demand from Canadian processors caused a drastic reduction in value of Maine’s signature seafood.

Baldacci says new figures from the Department of Marine Resources illustrate the severity of the problem: Maine lobstermen received less than $20 million for their catch in October, compared to more than $60 million in the same month in 2005, which was a record year for value.

The governor, who spoke Thursday at a lobster conference in York, has set up a task force that’ll be led by Ron Phillips from Coastal Enterprises in Wiscasset.

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