The lobster glut: Get 'em while they're cheap

There are a few silver linings in these ugly economic times. Prices on many luxury goods are down. And if you still can't afford that Patek Philippe watch, the smaller luxuries are suddenly a good deal.

Lobster, for example. It's now cheaper to buy fresh lobster than it is to buy a good cut of steak.

According to a piece today in the New York Times, fresh lobster can be found for between $7.99-$10 a pound in shops around New York City, where food doesn't come cheap. That's between $3 and $5 cheaper than last year. Nova Scotia lobster is retailing at an astoundingly low $3.87 a pound, according to lobster wholesalers.

The reasons are two-fold: Lobster is a favorite summer delicacy, and sales typically slow during the winter months. However, lobstermen have had a record catch this year, and the Canadian plants they usually sell their extra to have shut down due to the economic slowdown. So. More crustacean goodness for you and me.

Not so good for the lobstermen, however. Prices have become so low it's become not worth their while to take their boats out. In Nova Scotia lobstermen staged a 48-hour work stoppage, simply hoping to run down their supply.

Lobster watchers say this supply and demand issue will correct itself soon enough. In the meantime, take advantage of the low prices to eat like a king...while you can.

Here's a recipe for lobster with herbed egg noodles, sherry and salmon caviar sauce from the New York Times. Enjoy!