Jacki and Juan Sosa

standard Ambassasor Juan Sosa

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.

 

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