For lobster lovers, now is the good old days

For those of us who live far from an ocean, lobster has long been the most pricey, extravagant item on most restaurant menus, fit only for the grandest celebrations. But as Walletpop has reported before, lobster is getting downright affordable.

Fortune Magazine is reporting that the wholesale, boat-side price of a lobster, $2.25 a pound, has dropped below that of an eight-pack of turkey hot dogs. An industry expert tells me this is a gross exaggeration, but that the price has in reality dropped a considerable 30-40%. I'm already putting on my bib and melting my butter; on a Monday, yet, with no celebration in sight.

Apparently much of the U.S. shares the belief that lobster and a lean wallet are incompatible, because demand is down by around a third in restaurants. Another factor hurting this market is the Icelandic banks. They usually helped fund the large lobster processors in Canada, and the drying up of this credit has hamstrung those operations.