Oil spill hits supplies, prices skyrocket
Monday, 31 May 2010
NEW YORK May 30 (Internet): The Gulf of Mexico oil spill, being pegged as one of the worst disasters in the history of the US, has begun to drive up prices of seafood in Maryland. The reason: shutdowns in Louisiana waters that are a major source of oysters and domestic shrimp, .
Bill Sieling of the Chesapeake Bay Seafood Industries Association said, "Memorial Day weekend, there's going to be shortages, and the prices are going to be outrageous, but that's normal."
Due to the interruption in the Gulf fisheries, "it will be greater than it usually is," he noted. Close to 20 per cent of the Gulf has been closed to fishing now as a preventative measure against the ruptured well off Louisiana's coast.
The fisheries, which supplied close to one-eighth of all fish and shellfish caught in the United States in 2008, have been devastated.
The impact of shortage is starting to percolate across the country. Maryland's businessmen, who rely on the Gulf region to satiate their customers' demand for fresh and frozen seafood, are beginning to feel the heat.
"We've been doing business as usual for the last couple weeks. But I believe the end is near, as far as business as we know it," Jason Ruth, co-owner of W.H. Harris Seafood in Grasonville said.
The increase in prices does have its roots in the supply, demand mismatch; however, the problem is compounded due to the psychological reasons.
Bill Sieling of the Chesapeake Bay Seafood Industries Association said, "Memorial Day weekend, there's going to be shortages, and the prices are going to be outrageous, but that's normal."
Due to the interruption in the Gulf fisheries, "it will be greater than it usually is," he noted. Close to 20 per cent of the Gulf has been closed to fishing now as a preventative measure against the ruptured well off Louisiana's coast.
The fisheries, which supplied close to one-eighth of all fish and shellfish caught in the United States in 2008, have been devastated.
The impact of shortage is starting to percolate across the country. Maryland's businessmen, who rely on the Gulf region to satiate their customers' demand for fresh and frozen seafood, are beginning to feel the heat.
"We've been doing business as usual for the last couple weeks. But I believe the end is near, as far as business as we know it," Jason Ruth, co-owner of W.H. Harris Seafood in Grasonville said.
The increase in prices does have its roots in the supply, demand mismatch; however, the problem is compounded due to the psychological reasons.