TIGNISH — Prince Edward Island’s lobster fishery has a bright future, predicts Egmont MP and Minister of Fisheries and Oceans Gail Shea.
Federal Fisheries Minister Gail Shea chats with, from left, Michael McInnis, port chairman for Tignish, Paul Wood, port chair at West Point, and Keith Paugh, following a federal announcement earlier this year of Small Craft Harbours funding for several P.E.I. ports in 2014.
She bases her optimism on the way the industry has responded to the 2008-09 recession and slumping lobster prices, seeking out markets around the globe. Fall lobster prices in 2014 were a buck a pound higher that the previous year.
“In the lobster industry, of course, the prices are set by supply and demand. The supply has been increasing, so it’s obvious we needed the demand to increase at a faster pace in order to keep the prices climbing,” she said. “So that’s what’s happening.”
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