Tag Archives: Inflation
It’s Been a Brutal Year for Offshore Wind — Despite Analysts’ Best Guesses
Since the start of 2023, approximately 60% of all contracts signed by American offshore wind developers have been cancelled, according to E&E News. Ørsted, a Danish company and one of the world’s leading offshore wind developers, backed out of two major planned projects in New Jersey in 2023, while other players like General Electric, British Petroleum (BP) and Equinor attempted to renegotiate with state governments as economic headwinds eroded projects’ profitability. Similar developments have played out to start 2024, with developers up and down the east coast backing out of deals to sell power from their projects as the same fundamental economic problems persist despite the projections of some market experts and media outlets. more, >>CLICK TO READ<< 08:57
The Financial Viability of New Jersey’s Offshore Wind Farms Possibly in Jeopardy
The final nail in the coffin for offshore wind energy projects on the East Coast might be in danger by the policies of the very same people touting clean energy. Politicians like New Jersey Governor Phil Murphy and President Joe Biden, more specifically, their economic policies on energy, inflation, labor and equity could be the foundation for the failure of the very programs they are trying to enable. Inflation, supply chain issues, and the increase in goods and services due to raw materials and crude oil prices could eventually sink their plans for massive offshore wind energy farms. New Jersey is not alone in facing challenges with offshore wind energy. Connecticut’s Park City Wind, an 800-megawatt project, also finds itself in danger. >click to read< 11:37
Maine lobstermen snipped by inflation as 2022 results fall nearly 50%
Fishers of Maine lobster, one of the most lucrative seafood species in the U.S., had a smaller haul during a year in which the industry battled surging fuel and bait prices, rebukes from key retailers and the looming possibility of new fishing restrictions. Maine lobster has exploded in value in recent years in part due to growing international demand from countries such as China. The industry brought about 98 million pounds of lobster to the docks worth about $389 million in 2022, Maine regulators said Friday. That was more than 11% less than the previous year, in which they harvested more than 110 million pounds of lobster worth more than $740 million. The value of lobsters also fell to a little less than $4 per pound at the docks, the lowest since 2017, a year after setting a record of more than $6.70 in 2021. >click to read< 10:33
Left-over inventory and inflation could take a bite out of N.L. snow crab prices this year
Trevor Jones has been in the fishing business long enough to know you can’t predict the success of any year until the last pot is hauled and the nets are stored. Jones owns a 65-foot longliner, F/V Samantha Nathan, carrying on the family business that was started by his father. These past few years, snow crab has become the most important catch. Last year crab accounted for just over half the revenue for his enterprise. The record high prices, even with a drop to $6.15 a pound from $7.60 at the start of the season, helped buffer against the cancellation of the mackerel fishery and the no-go for capelin. >click to read< 10:10
New Orleans fishing industry suffers sourcing issues
Fishing runs through Merlin Schaeffer’s blood. He has been fishing in Louisiana waters for decades, and before him, so were his father and his grandfather. While primarily a fisherman in Lake Pontchartrain, Schaeffer is also the owner of Schaeffer’s Seafood. Located in Bucktown, a small community that thrives on the fishing industry, Schaeffer’s is a shop that sells anything from crabs to shrimp to catfish. Because fishing is a touch-and-go job, fishermen often lack routine and certainty when they head out to work, he said. “You gotta go with the flow, around the weather, the bite, the tide, it goes off a lot, the sails,” Schaeffer said. “Everything varies.” This variance includes prices as well. >click to read< 11:30
We’re eating less lobster, just as fall fishing season begins
After reaching record high prices in the spring, the shore price for a pound of Atlantic lobster has dropped dramatically, from around $18 to $5. Low demand, both domestically and internationally, and inflation are contributing to this drop, say industry professionals, who are concerned about the rising costs to fish and distribute the product as the fall lobster fishing season commences. Stewart Lamont, managing director of Tangier Lobster Company, a live lobster exporter in Nova Scotia, said consumer purchasing habits have changed since the beginning of the pandemic. >click to read< 07:47
ENC shrimper thinking of new ways to get his product to customers amid inflation
Inflation is making it harder for fisherman to turn a profit. Now, it’s fueling them to make decision on how they sell their catch. One local boat captain has found a way he could keep more money in local fishermen’s wallets. Frankie Eubanks is a shrimp boat captain and he said it used to cost him $1,500 to fill up his boat, now it’s twice that. To battle the rise in prices, he wants to take his product straight to customers. Video, >click to read< 09:14
Inflation is affecting the fishing business in Brownsville, Texas
You probably know inflation is accelerating. Prices rose an average 8.5% in March compared to a year earlier, more than in February, January and so on. We’ll get to high – how higher fuel, transportation and food costs are affecting the country as a whole. But first, let’s begin with a close-up view in Brownsville, Texas. Here at the Port of Brownsville, it’s fairly quiet, except for the shorebirds. Most shrimp boats are stuck in port. Charles Burnell and his son Kyle run the Shrimp Outlet on Brownsville’s coastal edge. Earlier this week, one of their boats returned with $100,000 worth of shrimp, a slightly above average catch. But Kyle explains, the money had been essentially spent by the time it got back to the dock. >click to read< 09:12
