June 21: Economic

The oil spill in the Gulf is causing prices of shrimp and oysters to go up, but is not having much impact on the larger seafood industry. That is because only 2% of the nation’s supplies come from the Gulf. 83% of US seafood is imported. However, the effect on fisheries in the Gulf is devastating. For example, the wholesale price of Gulf brown shrimp as well as oyster has gone up 50% since the spill, and there is no end in sight. Other seafood prices are affected as well. Unless consumer and retailers are looking for seafood from the Gulf specifically, they are not likely to notice price changes. In fact, 90% of shrimp is imported in this country, but production is expected to increase and prices will decline. Any small amount of increase in price will be caused by fear of shortages, according to industry analysts. Oysters are most likely to be impacted because 67% of US supply comes from the Gulf. Until they are able to cap the well, it is difficult to know what the long term effects will be on the Gulf seafood and fishing industries. Fishermen are the most greatly affected by this, while restaurants and consumers can substitute other seafood for oysters. The situation is a true catastrophe for the Gulf fisheries.

The current situation in the Gulf is truly terrible, effecting not only the wildlife and tourism, but people whose livelihoods depend on the seafood industry. With every passing day, the effects become greater. An industry that is not normally in the forefront of American awareness is being devastated. This is yet another example of why the situation in the Gulf needs to be fixed in the most efficient and timely manner.

Zhao, Emmeline. "Impact on Seafood Prices Is Limited." The Wall Street Journal. 21 June 2010.