The Ministry of Commerce and Industry recently announced a 11-cent increase for a gallon of 95 octane, Premium Unleaded gasoline, and a seven-cent jump for 91-octane gas. The cost of Diesel has gone up two cents also. This means that, until August 3 (gas prices are announced every other Thursday), a gallon of Premium Unleaded (95 octanes) in the Panama City area now costs between $2.48 and $2.50 whereas the 91-octane type costs around $2.32. Diesel, a fuel used by most 4WD and public transport vehicles in Panama, costs $2.11

Since Panama is not an oil-producing country, gas prices are heavily influenced by the international price of crude, which, as of this issue, was around US$56.00 and was experiencing a downward trend after reaching the US$60-mark in July. In order to curtail the effect of the rising prices, the Panamanian government enacted a 20-cent reduction in the gas tax (included in the price of gas), a three-month measure that ends August 13.

Although the cost of oil products in Panama is somewhat higher than in the U.S., it is considerably cheaper than in the rest of Central America, where gas reportedly costs over $3.00 per gallon in some countries. Prices in the Panama City area are somewhat cheaper than in the provinces.

Gas prices in Panama City are cheaper than in the provinces.

Considered a peaceful, cool-weather mountain retreat, El Valle de Antón, one of Panama’s prime tourist destinations, presented a more violent record in its very distant past. Back in pre-historic times, this verdant valley was the largest volcano crater in Central America, the vestiges of which can be found in the area’s mineral-rich soil and in the hot water springs that emanate from it.

About eight years ago, a group of visionary El Valle residents decided to take advantage of these resources and created the town’s hot spring park, For a very small fee ($1.00 per person), visitors can enjoy therapeutic, mineral-water baths and mud treatments without the pretentiousness and expense of five-star resort spas.

Yojanel Subasti, who has worked as a guide at the park for the last four years, told The Visitor that most of the park visitors come to treat illnesses such as arthritis, rheumatism and skin ailments. He said that, due to its chemical composition, the water is also an excellent wound healer and facial cleanser.

El Valle’s hot springs and mud are rich in potassium, magnesium, calcium, bicarbonate, sulfate, boron, fluoride, chloride and other minerals. "The park is visited by approximately 2,000 tourist each year, mostly South Americans, Europeans and North Americans", said Subasti.

The hot spring park, which also includes picnic facilities, is managed by Grupo Cívico Pro Mejoras del Valle –a community institution.

Visiting the facilities
After visitors are greeted at the facility’s entrance by one of the park’s guide, they will be led to two large pots filled with volcanic mud. Once there, the guide gives a short lecture on the therapeutic properties of the mud, after which visitors can apply a mascara on their faces and move around the park as they please until the mud dries. Once the it has dried, visitors are free to wash off at the park’s hot-spring pools. Baths, however, should not last more than 45 minutes, since the water’s chemicals could cause dizziness thereafter.

El Valle de Antón:
Located in the mountains of Coclé, El Valle de Antón is famous for its year-round, cool weather. A two-hour drive from Panama City, it is a popular weekend retreat for city dwellers, some of whom have built beautiful country homes there. El Valle is home to two exotic species endemic to Panama: the world-famous golden frogs and the square trees. The town is starting to develop its eco and adventure tourist potential.

Interesting facts
El Valle de Antón is Central America’s largest volcano, not in height but in width. Its crater measures six kilometers in length by five kilometers in width. It is 580 meters above sea level.

During its last eruption, thousands of years ago, the crater collapsed, creating the semi-circular valley it is today.

An expatriate club formed a year ago in Panama City (website: www.expatsinpanama.com) now has a membership of 300. The declared aim of the group is "for informal fellowship of mostly expats from different countries who live, work or invest in Panama--or people considering doing same".

A social evening is held on the second Monday of every month at different restaurants in the city. For news or to join send an email to expatsocials@yahoo.com

Another group has formed out towards the Pacific beaches -- Expat West. There are many expatriates now living at Altos del Maria in the mountains around Sora and in Coronado and other beach areas. They hold a social event on the fourth Wednesday of each month at El Rincon del Chef at Coronado. For news or to join, send an email Hslanham@aol.com

Yet another group, the La Chorrera Expat Group, meets every Thursday 5-30p.m. to 8:00p.m. at Leonardo’s Restaurant in Chorrera.

Email: Robert at robert.ratliff@gmail.com

The new expressways leading to the Centennial Bridge, the second constructed over the Panama Canal, will be ready between September and October of this year. Originaly scheduled for inauguration in June, the four-lane roads linking the eastern and western banks of the Canal were not completed as intended due to a number of factors, including a land dispute between the Panamanian government and a private-sector construction company. Talks, however, are under way, and everything indicates a prompt solution will come fairly soon.

The new bridge is expected to relieve the daily heavy traffic taking place on the Bridge of The Americas, caused by the growing suburban population of western Panama province.

Scientists, divers and historians of the National Cultural Institute of Panama have found a sunken galleon dating from the Spanish Conquest carrying a cargo valued at $50 million off Panama’s Pacific coast.

The wreck of this 17th century galleon was found about 60 miles south-east of Panama City, Panama.

The ship, named San José, sunk on June 17, 1631, in the archipelago of the Pearl Islands. The San José, chartered by the Spanish Crown, had sailed in the days of the Spanish conquest of the Americas. Like hundreds of other Spanish galleons, it was carrying precious metals taken from the mines, churches and tombs of Peru and Bolivia.

"It seems that the galleon is still intact," said Rafael Ruiloba, director of the National Cultural Institute of Panama. "A docking log book from that time has indicated that the ship had 700 tons of gold and silver on board, and as far as we know the treasure is still there," Ruiloba added.

During the 16th, 17th and 18th centuries, Panama served as the central point for gold and silver shipments between the mines of Peru and imperial Spain. Galleons laden with treasure were off-loaded in Panama City and transported across the isthmus by train to be set onto ships on the Caribbean coast headed for Spain.

"This discovery highlights the historical tourism that Panama offers as a destination," said Liriola Pittí, general manager of the Panamanian Institute of Tourism (IPAT). "We are very excited with the discovery of the San José, part of the Spanish South Seas Armada, which follows the uncovering of the Vizcaina, one of four ships that sailed on Christopher Columbus’ final voyage to the Americas in 1501."

The Panamanian Institute of Tourism (IPAT), is a governmental entity that promotes Panama’s various travel products such as ecotourism, sport/adventure tourism, archeological tourism, historical tourism and meetings and conventions on a global scale.

This article was reproduced from the Thales Securities Newsletter, an International financial publication at www.thalessecurities.com/newsletter