the canal, called Panamax, was constrained by the size of the locks, which are wide and long, and deep. The third set of locks allow transit of larger, Post-Panamax ships, which have a greater cargo capacity than the current locks can handle. The new lock chambers are wide, long, and deep. These dimensions allow for an estimated 79% of all cargo-carrying vessels to transit the canal, up from 45%. All of the canal-widening studies since the 1930s determined that the best way to increase canal capacity is by building a third set of locks larger than the 1914 locks. The US began excavations for new locks in 1939, but abandoned them in 1942 because of the outbreak of World War II. This conclusion was again reached in the 1980s by the tripartite commission formed by Panama, Japan, and the US. More recently, the studies developed by the Panama Canal Authority () for its 2025 master plan confirm that a third, larger set of locks is the most suitable, profitable, and environmentally responsible option. Former president Martín Torrijos, in a 24 April 2006 speech announcing the project, said that the canal "is like our 'petroleum'. Just like the petroleum that has not been extracted is worthless and that in order to extract it you have to invest in infrastructure, the canal requires to expand its capacity to absorb the growing demand of cargo and generate more wealth for Panamanians". While the canal expansion was being completed, and considering the high operational costs of the vessels, the long queues that occur during the high season December through to March (sometimes up to a seven-day delay), and the high value of some of the cargo transported through the canal, the ACP implemented a Transit Booking System and Transit Slot Auction to allow a better management of the scarce capacity available and to increase the level of service offered to the shipping companies. The scheme gives users two choices: (1) transit by order of arrival on a first-come, first-served basis, as the canal historically has operated; or (2) booked service for a fee—a congestion charge. The booked service allows two options of fees. The Transit Booking System, available online, allowing customers who do not want to wait in queue to pay an additional 15% over the regular tolls, guaranteeing a specific day for transit and crossing the canal in 18 hours or less. ACP