On June 26, the Panama Canal Authority, the body that operates the Panama Canal, will inaugurate a third set of locks, which will allow for the transit of larger ships. This is the first such expansion since the canal was completed in 1914. With the exception of U.S. propane exports, the expansion of the Panama Canal is not likely to drastically affect crude oil and petroleum product flows. Entrances to the Panama Canal are near Colon, Panama, on the Atlantic Ocean (Caribbean Sea) side, and near Panama City on the Pacific Ocean side. The canal expansion involved deepening and widening certain portions of the canal and constructing an additional, larger set of locks. Unlike the old lock system, which has two lanes of side-by-side traffic, the new set of locks will be one large lane and allow four transits per day, supplementing the 25 […]