Americans are paying significantly more for oysters, with wholesale prices having surged to triple-digit highs in 2022, according to a recent report from the Wells Fargo Agri-Food Institute as highlighted in a recent CNN article.

The traditional buck-an-oyster happy hour is becoming obsolete, with some restaurants now charging as much as $2.50 per oyster, according to the article. Wholesale oyster prices reached unprecedented levels last year, peaking at $117 per gallon before easing to $88.

Despite this decline, retail prices remain high as inflation forced restaurants to raise their prices to avoid losses on surplus stock, according to the article, which blames the shift mainly on a steep decline in wild oyster populations and an increased reliance on farm-raised varieties. Intensive farming requires significant labor and sophisticated machinery, leading to higher costs throughout the supply chain.

The shift from wild-caught to farm-raised oysters has been profound. Two decades ago, 70% of oysters were wild-caught, but today, up to 60% are sourced from farms, according to the report. The change has been accelerated by environmental disasters, such as the 2010 Deepwater Horizon oil spill and hurricanes in Louisiana, which devastated oyster beds.

Additionally, climate change has further complicated oyster farming, with rising temperatures, heavy flooding and changes in ocean salinity affecting production consistency.

Despite these challenges, demand for oysters remains strong, particularly among younger consumers like Gen Z and millennials eager to explore new culinary experiences. However, this growing demand and a dwindling supply have only pushed prices higher, the report said.

Industry experts remain optimistic that restoration efforts and sustainable farming practices will eventually stabilize the supply of oysters and bring prices down. Julie Qiu, the co-founder of the Oyster Master Guild, told the news outlet that she hopes oysters will one day become affordable again, giving everyone a healthy protein option.