Over the past 20 years or so, traffic on the world's oceans has quadrupled. Ships now carry 95 percent of the cargo imported to American shores. To move those goods more quickly and cheaply, cargo ships have grown nearly four times bigger--and many are now too large to fit through the Panama Canal.

A $5.25 billion expansion project, scheduled for completion this year, will create two new lock complexes and a third lane of traffic. The new Panama Canal will be roomy enough for boats nearly three times the current maximum size.

Approximately 52 percent of container ships that leave Asia for the East Coast today opt to traverse the arguably less secure Suez Canal, which cuts through Egypt to connect the Mediterranean and Red Seas. The Panama Canal's upgrade may soon bring the bulk of intercontinental traffic its way. The expansion will shake up shipping patterns and make trade more efficient by requiring less time, fuel, and money to get more products to U.S. ports--just as the original canal's opening did in 1914.