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Lobster Prices Lowest In 20 Years

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SOUTHWEST HARBOR, ME (CNN) - Here's some good news for lobster lovers. Maine lobsters are selling at record low prices. But Erin Thomas explains why that's bad news for the people who need lobsters for a living.

I don’t know why it went down so quick it just went down fast I’ve never seen the lobsters go down this early before we just started catching lobsters.

Maine lobsters are cheaper than ever before and an early shedding season is to blame. A partnership with Canada and an overage of lobster is making this year's season a nightmare for the Maine industry.
Most of that processing takes place in Canada, there's some in Maine and they have a good supply on hand of processed product so they're not willing to pay as much for our local product.

Selling for as low as 2.50 a pound, people are scooping them up but not as quickly as lobstermen would like.

Making a living is really tough for these people.

You don’t just ride around, fuel's expensive, bait, bait hasn't gone down, bait's expensive. Lobsters are cheap. But like I said you can buy a bag of lay's potato chips or you can buy two lobsters, I’d rather have the lobsters.

People are seeing the bargains and they are selling but not fast enough.

If these trends continue, the state could feel the pinch as well. The Maine lobster industry contributes over 1-billion dollars to Maine’s economy annually.

Hamburger is a lot more expensive, hot dogs are ridiculous and lobsters you can buy lobsters for dirt cheap, it’s cheap.