Not the first boom-bust cycle, and it won't be the last either.
I remember in the early 1980s when Colorado/Wyoming/Utah/Alberta had a "syn-fuels" boom. (oil shale/tar sands)
Very similar to North Dakota a few years ago.
Anyway Gov. Love of Colorado, reviewed the state's history, of booms regarding gold, silver,, oil, etc.
I also remember a phonecall from the president of my employer then instructing me to draft an approval for the company to purchase homes in Calgary as incentives for hires and tranfers of key employees.