Low U.S. lobster prices raise fears in Nova Scotia
Last Updated: Wednesday, October 29, 2008 | 5:25 PM ET
CBC News
With lobster prices tanking in the U.S., fishermen in Nova Scotia are bracing for bad news.
"It's really hard to say what bad or extremely bad means right now," said Christian Brun, with the Maritime Fishermen's Union.
The lobster season in District 34, in the southwestern part of the province, opens in late November.
But in Maine, there's an oversupply of lobster and demand is shrinking for luxury products as market conditions roller-coaster.
As a result, the price paid to fishermen dropped to $2.25 a pound this month, about half of what they averaged last year.
Brun said the markets in Canada are different and generally bring higher prices. Nevertheless, fishermen are worried.
"I guess the tone now is extreme concern about what's happening in Maine," Brun said. "There's also a lot of speculation because there's nothing certain right now."
Brun said some fishermen may decide they can't afford to set their traps this year and head west for work instead as a way to pay their bills.
