There is no ‘oil’ in oil shale.  There is not ‘more oil in the ground than Saudi Arabia.’  Its a rock, its not oil.  If one were to dig up and retort 16,000 square miles, or blade the entire area flat, poke it full of heaters and bake it ‘in situ’ for years and years, to even have a remote chance to get that amount of shale converted to that amount of oil equivalent. 
Companies already control tens of thousands of acres of the richest oil shale lands int he Piceance.  Let them prove their technology, and show it can be done responsibly, demonstrate how much water and energy it will take—and where those will come from; before we hand over more public treasures to industry.