When you hear about a “market correction,” here it is in a dramatic display: a plunge of two-thirds or more in the price of Dungeness crab. Via seattletimes
SEATTLE — When you hear about a “market correction,” here it is in a dramatic display: a plunge of two-thirds or more in the price of Washington Dungeness crab.One is that you, the consumer, are willing to pay only so much for what one industry insider says “is probably looked at like a luxury item.” Well, time to party on, consumers.
Larry Thevik, president of the Washington Dungeness crab Fishermen’s Association, talks about Adam Smith’s famous reference to the “invisible hand.” Speaking about 2021,"... coming into the holidays, people were spending money and buying a lot of crab, so the demand for King, snow and Dungeness crab was literally off the charts ... along with a lot of other shellfish on the upper end on the scale of cost,” said Dan Obradovich, the Dungeness crab manager for Pacific Seafood, one of the major processors, based in Clackamas, Oregon.
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