I found #2 spark plug loose and oil residue on the spark plug on my chevy 350 crate ?

why would my accel shorty spark plug on cylinder # 2 be loose and have oil on it? and i also found oil residue on the block that was drippping below #2 spark plug hole. the other spark plugs also have oil on them. motor has approx. 2500-3000 miles on it( gm 350 260hp crate motor)