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{{short description|Large inflow of income from high production or prices of oil}}
{{about|[[Boom and bust|economic booms]] in the oil sector|the oil spill management device|Boom (containment)}}
An '''oil boom''' is a period of '''large''' '''inflow''' of income as a result of high global oil prices or large [[Petroleum industry|oil production]] in an economy. Generally, this short period initially brings economic benefits, in terms of increased [[Economic growth|GDP growth]], but might later lead to a [[resource curse]].
==Consequences==▼
According to the [[Dutch disease]] theory, the sudden discovery of oil may cause a decline in the manufacturing sector. The consequences will vary from country to country, depending on the country's economic structure and stage of development.<ref name ="eqg">{{cite book|url=https://books.google.com/books?id=m7k_jClAAh8C&q=%22oil+boom%22|page=31|title=Mineral-rich countries and Dutch disease: Understanding the macroeconomic implications of windfalls and the development prospects the case of Equatorial Guinea|first=Achille|last=Toto Same|publisher=World Bank Publications|year= 2008|isbn=}}▼
</ref> For example, after the oil boom in [[Gabon]], the country showed symptoms of the Dutch disease,<ref name ="gabon">{{cite book|url=https://books.google.com/books?id=zo3Y6CM7EZEC&q=%22oil+boom%22&pg=PA9|page=9|title=What happens when a country does not adjust to terms of trade shocks?: the case of oil-rich Gabon|first=Ali|last=Zafar|publisher=World Bank Publications|year= 2004|isbn=978-1-00-716495-7}}▼
</ref> while oil-producing [[Equatorial Guinea]] did not.<ref name ="eqg" />▼
==History==
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* [[Calgary#Oil boom|Calgary oil boom]] ([[Canada]], 1947)
* [[North Dakota oil boom]] (United States, 2008–2015)
▲==Consequences==
▲According to the [[Dutch disease]] theory, the sudden discovery of oil may cause a decline in the manufacturing sector. The consequences will vary from country to country, depending on the country's economic structure and stage of development.<ref name ="eqg">{{cite book|url=https://books.google.com/books?id=m7k_jClAAh8C&q=%22oil+boom%22|page=31|title=Mineral-rich countries and Dutch disease: Understanding the macroeconomic implications of windfalls and the development prospects the case of Equatorial Guinea|first=Achille|last=Toto Same|publisher=World Bank Publications|year= 2008
▲</ref> For example, after the oil boom in [[Gabon]], the country showed symptoms of the Dutch disease,<ref name ="gabon">{{cite book|url=https://books.google.com/books?id=zo3Y6CM7EZEC&q=%22oil+boom%22&pg=PA9|page=9|title=What happens when a country does not adjust to terms of trade shocks?: the case of oil-rich Gabon|first=Ali|last=Zafar|publisher=World Bank Publications|year= 2004|isbn=978-1-00-716495-7}}
▲</ref> while oil-producing [[Equatorial Guinea]] did not.<ref name ="eqg" />
== See also ==
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==References==
{{reflist
[[Category:Oil booms| ]]▼
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