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Fishing Industry Feeling Pinch From Fuel Prices

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Jun 17, 2008 10:13 am US/Eastern

Fishing Industry Feeling Pinch From Fuel Prices

Both commercial and charter boats facing problems

ISLAMORADA, Fla. (CBS4) ― The Florida Keys have been called the "Sportfishing Capital of the World," but just like almost every other industry in the country, charter boat fishing is having a hard time staying afloat in the current economy.

The main issue for boat captains seems to be the continually rising cost of fuel. AAA reported the average cost for a gallon of diesel was nearing $4.80 on Tuesday. That's almost 2 dollars more from the same time last year. That rise in cost is then pushed down to the consumer.

Boat captains are faced with one of two choices: raise prices overall, or add fuel surcharges to fees.

The increase in costs have some in the charter boat industry claiming business is off by as much as 90 percent because customers don't have as much disposable income as they did in 2007.

The commercial fishing industry hasn't escaped either, as fishermen can't bring in enough of a catch to offset the fuel costs. The other problem is many fishing boats, both commercial and charter, have been on the water for years and are not fuel-efficient.

The commercial fishing industry made $40 billion in 2006.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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