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February 13
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Imperial-Leduc No.1 confirmed as major oil discovery
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March 12
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Donald Gordon, chairman of the Dominion Wartime Prices & Trade Board, announces all price controls on gasoline and tractor distillates will be removed April 1; the oilpatch expects prices to rise
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May 23
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Husky Refining Company issues first posted price for heavy crude oil from the Lloydminster-Lone Rock region straddling the Alberta-Saskatchewan border
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August 1
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Gulf Oil Corporation of Pittsburgh, operating in Alberta since 1941 through the Gulf Research & Development Company, establishes a Canadian subsidiary, the Canadian Gulf Oil Company
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August 12
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Imperial Oil purchases U.S. government's "Canol-1" refinery at Whitehorse for $1 million (U.S.) to transfer to Edmonton as the nucleus of its planned refinery
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August 19
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Alberta cabinet passes an Order In Council dealing with leases on Crown rights and creation of Crown reserves, a clause in the order creates controls on exports of natural gas
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August 26
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The Alberta Petroleum Association becomes the Western Canada Petroleum Association and broadens its mandate
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October 3
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Shell Oil Company completes drilling at Jumping Pound as the deepest well bored in Western Canada
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December 31
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Monthly revenue from oil and liquids in Alberta tops the$2 million mark for the first time, gross revenues for 1947 total $18.07 million on production of 6.8 million barrels
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