An evaluation of oil shale perspectives in the Colorado-Utah-Wyoming areas is presented. Environmental aspects are examined along with research efforts. It is concluded that the outlook for oil shale is uncertain. The costs of production are uncertain, the sources for the large capital investments required are uncertain, the competition from foreign oil and even from new domestic supply is uncertain, and new energy sources may capture a significant share of the market. Moreover, the costs of protecting the environment are uncertain, there are uncertain front-end costs the industry may have to absorb to reduce social impacts in oil shale regions, and government's future role is also uncertain. The growth of an oil shale industry may not be as explosive as past oil booms. The approach is now more cautious; the gains and gambles being weighed more carefully. Nevertheless, oil shale development is not stagnant. Research into better and more efficient production processes is progressing, studies of environmental effects are underway, and, in general, there is guarded optimism in much of the industry.