US lobster catch drops as crustaceans migrate to colder Canadian waters
SCARBOROUGH, Maine (AP) — The U.S. lobster industry's catch keeps sliding as fishermen contend with the northward migration of the valuable crustaceans.
The industry is based mostly in Maine, where lobsters are both a cultural signifier and the backbone of the coastal economy. The state's haul of lobsters has declined every year from 2021, when it was nearly 111 million pounds, to 2023, when it was less than 97 million pounds.
That decline extended into 2024, when the haul was about 86.1 million pounds, according to data released by state regulators on Friday. That is the lowest figure in 15 years. A series of major storms that damaged waterfront communities and disrupted fisheries was a key factor in the reduced catch, officials said.
Gov. Janet Mills, a Democrat, praised the industry for its perseverance.
'During a year shaped by unprecedented storms and damage to our working waterfronts, Maine's commercial fishermen, aquaculturists, and seafood dealers once again delivered a major economic benefit to our state,' she said.
Last year's catch was still historically high, as Maine fishermen never exceeded 80 million pounds prior to 2009. Hauls in the 2000s were typically between 50 million and 80 million pounds. Hauls in the mid-2010s were routinely above 120 million pounds.
The fishery remained economically strong in 2024. Maine fishermen took home more than $528 million at the docks, and that was the highest total since 2021, state officials said. Demand for the product, one of the most expensive seafoods, remained high, and the price per pound was one of the highest on record.
The state is meeting the challenges of climate change head-on, said Patrick Keliher, the commissioner of the Maine Department of Marine Resources. The governor has secured funding to "help rebuild damaged coastal infrastructure, make it more resilient to the effects of climate change, and protect critically important waterfront access for those who make a living on the water,' he said.
But numerous environmental and economic challenges threaten the industry's future. One of the biggest is the decline in the number of baby lobsters settling off New England. The young lobsters have to take shelter and grow to legal size to sustain the future of the fishery. Scientists have said the lobster population is migrating north to cooler habitats as oceans warm.
The Maine lobster industry is also linked to Canada's seafood industry and could be disrupted by new tariffs. Canadian fishermen harvest the same species of lobster as American fishermen, and much of the processing capacity for the seafood is in Canada. Tariffs are likely to increase prices on both sides of the border, members of the industry have said.
Another major challenge is the possibility of new rules to protect critically endangered North Atlantic right whales, which are vulnerable to entanglement in commercial fishing gear. Fishing groups have engaged in protracted court cases against the government over stricter fishing rules.
Other states, including Massachusetts, Rhode Island and New Hampshire, also have lobster fishing industries, but Maine's is by far the largest, and the size of the Maine harvest gives a firm indication of the health of the American lobster industry at large. Maine accounted for about 78% of the country's total lobster haul in 2023.
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San Francisco Chronicle
30 minutes ago
- San Francisco Chronicle
Iowa governor rejects GOP bill to increase regulations of Summit's carbon dioxide pipeline
DES MOINES, Iowa (AP) — Iowa Gov. Kim Reynolds on Wednesday rejected a bill that could have introduced more complications for a massive carbon-capture pipeline project routed across several Midwestern states, issuing a rare veto in the Republican-controlled statehouse. The legislation was designed by Iowa House Republicans to increase regulations of Summit Carbon Solutions' estimated $8.9 billion, 2,500-mile (4,023-kilometer) project that cuts across Iowa and already has an approved permit in the state. But the bill provoked loud opposition from members of Iowa's powerful ethanol industry, which argued the project is essential for Iowa's agricultural dominance, for farmers and for construction jobs. And it exposed a rift within the party over how to protect property rights. 'While I shared the bill's goal of protecting landowners, good policy should draw clear, careful lines. This bill doesn't,' said Reynolds, a Republican, in the explanation of her veto. 'It combines valid concerns with vague legal standards and sweeping mandates that reach far beyond their intended targets.' Despite her veto, Reynolds said she was 'committed to working with the legislature to strengthen landowner protections, modernize permitting, and respect private property.' Iowa state Rep. Bobby Kaufmann, a Republican who supported the bill in the House, said Wednesday that her commitment is too little, too late. 'If she was willing to work with us on this, where in the world has she been the last three years?' Kaufmann said. 'She is clearly not siding with the constitutional rights of landowners but rather she's siding with special interests.' Summit has said it has invested nearly $175 million to enter into voluntary agreements with landowners in Iowa and more than $1 billion on the project overall. In a statement, Summit thanked the governor for a thoughtful review of the bill and said their goal is to proceed with voluntary agreements with landowners. Even with the relief from Reynolds' veto, Summit will likely have to readjust plans after South Dakota's governor signed a ban on the use of eminent domain — the government seizure of private property with compensation — to acquire land for carbon dioxide pipelines. Summit's permit application was also rejected in South Dakota. The project has permit approvals in Iowa, Minnesota and North Dakota but faces various court challenges. The Iowa bill would have prohibited the renewal of permits for a carbon dioxide pipeline, limited the use of such a pipeline to 25 years and significantly increased the insurance coverage requirements for the pipeline company. Those provisions would likely have made it less financially feasible for a company to build a carbon dioxide pipeline. 'We look forward to continued discussions with state leaders as we advance this important project,' Summit said Wednesday. 'At a time when farmers are facing increasing pressures, this project opens the door to new markets and helps strengthen America's energy dominance for the long term.' Rift in Republican-controlled statehouse Republican House Speaker Pat Grassley said after Reynolds' veto that he would pursue a special session to vote on an override, saying in a statement that the veto 'is a major setback for Iowa.' The Iowa Constitution states that a request for special session from two-thirds of both chambers, or the governor, can bring lawmakers back to Des Moines. Two-thirds of both chambers would need to vote for an override for the bill to become law without the governor's approval. 'We will not stop fighting and stand firm on our commitment until landowners' in Iowa are protected against Eminent Domain for private gain,' Grassley said. Senate Majority Leader Jack Whitver suggested that would be unlikely in his chamber. Thirteen Republican senators had joined with 14 Democrats in voting in favor of the bill, but 21 Republicans and one Democrat voted against it. 'Based on the votes on that bill in the Iowa Senate, a significant majority of our caucus supports a better policy to protect landowner rights. I expect that majority of our caucus would not be interested in any attempt to override her veto,' he said. As the legislative session wound down, a dozen Republican senators insisted their leaders bring the House-approved bill to the floor for a vote after several years of inaction. The stalemate ended in a long and divisive debate among the Iowa Senate's Republican supermajority, with senators openly criticizing one another and exposing the closed-door discussions that got them there. Summit's project and its critics The Summit pipeline was proposed to carry carbon emissions from ethanol plants in Iowa, Minnesota, Nebraska, North Dakota and South Dakota to be stored underground permanently in North Dakota. By lowering carbon emissions from the plants, the pipeline would lower their carbon intensity scores and make them more competitive in the renewable fuels market. The project would also allow ethanol producers and Summit to tap into federal tax credits. The pipeline's many critics have for years begged lawmakers for action. They accuse Summit of stepping on their property rights and downplaying the safety risks of building the pipeline alongside family homes, near schools and across ranches. Lee Enterprises and The Associated Press reviewed hundreds of cases that reveal the great legal lengths the company went to to get the project built. In South Dakota, in particular, a slew of eminent domain legal actions to obtain land sparked a groundswell of opposition that was closely watched by lawmakers in Iowa as well. A group of landowners released a statement Wednesday calling the veto a slap in the face. 'Big money, greed & self interest won the day,' said Jan Norris, a landowner in southwest Iowa whose neighbor is in the pipeline's route. 'Our property rights are for sale to the highest bidder.'
Yahoo
32 minutes ago
- Yahoo
Joby Aviation Stock (JOBY) Takes Flight Upon Donald Trump's Executive Order
On Friday, June 6th, President Trump signed an Executive Order to 'unleash American drone dominance,' which included directing the Transportation Department to develop an Electric Vertical Takeoff and Landing (eVTOL) program to accelerate eVTOL operations in the U.S. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Aside from confirming the specter of space-age technology making its way onto American streets, as foreshadowed by content creators for generations, leading electric aircraft manufacturer Joby Aviation (JOBY) stands well-positioned to capitalize fully on the evolving opportunity. The company has been making headlines with major partnership announcements and impressive funding rounds. After analyzing recent developments and financial performance, I am bullish on the space and Joby Aviation's potential. 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While cash burn continues, the trajectory suggests management is making progress on cost control as the company approaches its commercial launch. Further, its robust balance sheet is a key selling point. The company ended the first quarter of 2025 with $813 million in cash and short-term investments. The recent Toyota investment, combined with an additional $500 million commitment from the automaker, significantly strengthens this position. This financial cushion is particularly important given that Joby is still in the pre-revenue phase of its development. The company is projecting a cash burn of $500 million to $540 million in 2025, highlighting the significant capital requirements of introducing an entirely new form of transportation to the market. The current war chest provides roughly 1.5 years of operational runway at current spending levels. Even better, Joby carries zero debt, giving it tremendous financial flexibility as it works toward commercialization. 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JOBY has secured impressive partnerships, maintains a strong balance sheet, and is making meaningful progress toward commercialization. The company is poised to transition from an ambitious startup to a commercial aviation company. Key milestones to watch include progress on FAA certification, formalization of the Saudi Arabia partnership, and updates on manufacturing scale-up. The future of flight is here, and I am pretty bullish on the eVTOL space and the current market leaders, such as Joby, who are making it a reality. Disclaimer & DisclosureReport an Issue Sign in to access your portfolio

Yahoo
34 minutes ago
- Yahoo
Graduate test prep program to lose state funding
A state program that provided free test preparation to students at public universities and some community colleges that organizers said has helped some 4,700 students since its launch in February went unfunded in the state budget approved by Illinois lawmakers last month. The program received $10 million in the budget year ending June 30 and provided students with free access to more than 40 test prep courses, including graduate-level admission exams, according to Lynne Baker, a communications director at the Illinois Student Assistance Commission, one of the program's partners. Most of the funding, about $8.6 million, went to Kaplan, a long-standing educational services company. The funding won't run out until Dec. 23, when students who rely on the financial help will lose access to the courses, Baker said. Pritzker did not include funding for the program in the budget he proposed in February, so the General Assembly's decision to pass a budget without the money was not a surprise. Nonetheless, state Rep. La Shawn Ford, a Chicago Democrat, said he pushed to secure another year's funding. 'We knew there would be cuts, but I thought that, if anything, it would probably be agreed that a reduction in the appropriation might happen, but not a total elimination,' Ford said. 'It was just assumed that this would be in it, since it was an item that there was no opposition to … this is actually something that we found is taxpayer worthy.' Andres Correa, a spokesperson for the governor's office said 'Illinois made the difficult decision' to eliminate the program as part of the state's larger effort to 'responsibly balance this year's budget.' Correa noted the budget included funding for educational programs such as the Monetary Award Program, which supports Illinois residents in attending some Illinois colleges. Ford said he will continue efforts to get money for the test prep program, and encouraged students to publicly advocate for it. 'I think the governor will listen to his students at public universities and parents, and when they continue (advocating for) just how valuable this is,' Ford said. 'We will begin to see students pretty devastated by having a program that they're relying on to get their license for professions that Illinois needs to increase the workforce — nurses, lawyers, medical students, you name it.' Asa Asad, who graduated from the University of Illinois Chicago in May with a degree in neuroscience, said the free coursework offered by the program convinced him to take the Medical College Admissions Test after studying for the exam on his own last fall left him feeling unprepared. 'Honestly I don't think I would have taken it (the MCAT) without this,' said Asad. 'The MCAT is just such a monster of a test that there's really no way to prepare for it without trying to get some sort of guidance from somebody and a lot of that is behind a paywall or a cost of some sort.' 'This program is free, which helps me be able to fully invest in my education versus having to work to pay for the class,' he said. Asad said he doesn't think a lot of students are aware that funding for the program was eliminated. 'It feels like it's a little hidden away from the population that would really want to use it the most,' said Asad. The opportunity to take free test prep courses was especially helpful at UIC, Asad said, because many students 'come from a background where it's not feasible to drop $3,000 or $4,000 on a course.' Asad, the mentorship chair of his pre-med club in graduate school and a student body president, said he signed up over 200 students for the test prep program. 'I think losing the program is such a blow to our students,' Asad said 'I feel like because the resources needed to actually get into these careers are so limited that only a certain population can really afford to get in, and it's going to be such a loss for representation as a whole.' Baker, the ISAC communications director, said more than 1,400 UIC students registered for test prep courses through the program, second most in the state behind the 1,600 students at the University of Illinois Urbana-Champaign who took advantage of the program. Jenny Neef, executive director of the U. of I. career center, said the number of students who benefited from the program in such a short time indicates cost had previously been a barrier to accessing test prep services. The program allowed her to suggest high quality resources to students without worrying about the cost. 'Test prep is one of those pieces that helps us have a highly qualified, highly educated, well-prepared workforce to move into the jobs that are available within the state, and so I see it as part of this continuum of how higher education is part of the whole ecosystem, as it relates to a well-prepared workforce,' Neef said. As of early May, more than 60% of students utilizing the state program were minority students and over a third were low-income or first-generation students, according to Dave Adams, a senior vice president with Kaplan. A Kaplan spokesperson said the company hopes the state will continue funding the program, but 'regardless, we are focused on continuing to deliver the full program.' 'Among its most important impacts, this program jump-starts the pipeline of future nurses, doctors, and other essential professionals, addressing critical shortages across Illinois by getting skilled, motivated students on the path to serving communities and delivering life-saving care where it's needed most,' the Kaplan spokesperson added. Ford said that if lawmakers convene in the next few months to address transportation funding and other issues, he would advocate for using discretionary funding under the governor's control to continue the test prep program. 'We give the governor lots of power and authority over a certain amount of money so that he can decide what he would like to do with it in the case of emergencies,' Ford said. 'He would have some authority to make some decisions, but we will see, as we know that it wasn't in his introduced budget. So, hopefully students will make it known that this is will be a tragedy.'