But it also changed international commerce forever, especially in the U.S., says George Washington University professor, Noel Maurer.
Because it enabled for the first time oil from California and lumber from the Pacific Northwest, but it was really the Californian oil that was driving the boat, to be profitably exported from California to the rest of the United States, and that had huge economic benefits for the United States, Maurer said.
Today more than four percent of the worlds commerce passes through the canal - some 14,000 ships per year. But the canals locks are now too small for much of the worlds container fleet and the largest oil tankers.
Transportation expert Rodney McFadden says bigger ships can be more efficient and profitable.
They carry more cargo for about the same amount of money per mile. They are much easier on the environment, he said. And they increase trade.
A Hong Kong company is backing a $40 billion plan to dig an alternate route through Nicaragua. If successful, it could pose a serious challenge to the canal.
But critics say the project is redundant and impractical, especially when the Panama canal is in the midst of a $5 billion expansion. Once complete, the new locks will accomodate ships the length of the Empire State building and as wide as three basketball courts.
Autodesk, the San Francisco - based company that created the software for the project, is thrilled. Not only has the expansion created over 250,000 jobs - once finished - it will create thousands more around the world, says Autodesk spokesman Paul Sullivan.
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