Eating and cooking in NYC.

Monday, September 14, 2009

Icelandic banking collapse causes lobster glut!

In an unprecedented synergy between finance and food, lobster prices have reached historical lows because of the Icelandic banking collapse.

How?? Well, fresh lobster is very perishable, so most of the world lobster demand is for frozen and processed lobster product. And apparently the processing plants that turned fresh lobster into lobster product depended on Icelandic banks for financing. When the Icelandic banking system collapsed, the processing plants closed their doors, eviscerating the demand for fresh lobster, and so the price of fresh lobster collapsed. Further reading:

Well, I suppose I'd better do my part to stimulate the economy by eating some lobster! I bought a 1½-pound beauty from The Lobster Place in Chelsea Market ($9.99 per pound), and I indulged in a week of lobster! The New York Times proposes “a weekend of simple excess, starting on Friday night and culminating in a hearty Sunday breakfast or lunch. It requires only the basic ingredients of American summer, East Coast professional division: lobster, corn, potatoes, butter, rice, steak, eggs.”

Start out with Steamed Lobsters.

Steamed Lobster
Don't forget to save your lobster shells to make lobster stock for Lobster Risotto!
Lobster Risotto
Finally, wake up the next morning with Eggs Over (Easy) Lobster Risotto Patties. Delicious. Luxurious. For $15.

Believe it or not, 2 days later I went to New Jersey and bought two big lobsters for $5.88 per pound. So much lobster!

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