Don't know where you are located, but from the National Geographic:
"Scientists are in a race against time to stifle the spread of a fungal disease that has killed tens of thousands of stately oak trees in California and southwestern Oregon. Many people fear it may spread and similarly wipe out large swaths of forest in the eastern United States and Canada. The disease, called sudden oak death, was first detected in 1955 in California tan oaks."
If you have a lot of Oak trees, I wouldn't mess around with it just in case it is a fungus. Call an arborist or forester to have them look at it. If it is a fungus, they recommend cutting and burning the tree immediately to stop the spread.