Ambassador Sosa explains why the expansion of the Panama Canal is critical to U.S. energy exports and world commerce. Almost 2/3 of all ships passing through the canal are U.S. ships headed for the Far East. Since its inception, 1 million ships have passed through the canal, but it was designed for an earlier time, having just celebrated its 100 year anniversary on August 15. Nearly 2/3 of all ships being manufactured today are too large to pass through the Panama Canal. The canal is operating at 100% capacity, but cannot meet demand. Upon completion, the expanded canal will quadruple its revenues from today’s levels, and be able to accommodate 90% of LNG tankers, compared with only 10% currently. Thus, the expansion of the canal is critical to the development of U.S. LNG exports to our most favorable market: Asia.
<!– Go to www.addthis.com/dashboard to customize your tools –>