We need to learn how to do this economically. It doesn't make sense in the current price environment, but as R&D it's not a bad investment.
At some point in the next 30 years, we will be extracting this oil as the Middle East goes into significant decline.
I lived in Colorado from 1968 through 1976. In the mid 1970s, Exxon spent a fortune pursuing this alternative energy fuel. Exxon folded the initaitive when the so called, "gas shortage" diminished.
Regardless, I'll never forget seeing a guy holding a piece of "rock" and lighting it with a match.
Fast forward 30 years... if the Tree Huggers don't want to allow the oil companies to punch a few holes in the ground in ANWR, they sure as sh!t won't let strip mining on the Western Slope in the pristine Rocky Mountains.
I recall reading that the Department of Energy is funding research into conversion of shale into oil in Estonia. Estonia has been using shale for at least 100 years - at one time they supplied the electric supply for St. Petersburg by means of burning shale. They are now trying to find a more environmentally friendly way of burning it.