An "oil boom" refers to a rapid increase in oil production and economic activity in a specific region, often leading to significant job creation and investment. This surge typically occurs when new oil reserves are discovered or when advancements in extraction technology, such as fracking, make previously inaccessible oil economically viable. During an oil boom, local economies can experience substantial growth, attracting workers and businesses. However, these booms can also lead to challenges, such as inflation, increased demand for housing, and environmental concerns. The effects can be long-lasting, influencing the region's economy even after the boom subsides.