Retorting pulverized oil shale entrained in steam or other media permits close control of retorting conditions and allows the quality of the products to be varied over a wide range by varying these conditions. At temperatures near those employed in retorts such as the N.T.U. Gas combustion or Union Oil Company products of a composition similar to those produced by these retorts are obtainable from the entrained-solids retort. At higher temperatures more highly aromatic oils, in lesser quantity but having some desirable characteristics in subsequent refining steps, are produced. In addition, the retort gas contains large percentages of olefin hydrocarbons which have value as chemical raw materials or as stock from which to manufacture polymer gasoline. Under some conditions, the retort gas contains more than enough hydrogen to refine the liquid product to high-octane, low sulfur, low nitrogen containing gasoline.