Despite predictions of higher prices, oyster and crab fishermen in the Maritimes are still waiting.

The Gulf of Mexico oil spill shut down lucrative fisheries off the Louisiana coast, leading to expectations that a smaller supply would lead to higher prices in the Maritimes.

Mike McGeoghegan, president of the P.E.I. Fishermen's Association, told CBC News Tuesday that hasn't happened yet.

"Anytime that anything else happens, you know, earthquake or volcano or anything else, exchange on the dollar, it always goes the other way: we lose," said McGeoghegan.

"It's not good that that's happening in the Gulf of Mexico but it's a huge fishing area down there and it's mostly closed down now."

McGeoghegan believes buyers are currently buying product and holding it in inventory, waiting for the prices to go up.