Oil Shale Opportunity Act of 2008 - Directs the President to limit the application of law as necessary to expedite the exploration and production of oil and gas from oil shale and tar sands, including, but not limited to, the issuance of any federal permit.
Grants U.S. district courts exclusive jurisdiction to hear all causes or claims arising from any action undertaken, or any decision made, by the President pursuant to this Act.
Declares that one half of royalties due to the federal government from production under this Act shall be dedicated to fund private grants for: (1) research and development to limit or capture carbon emissions from the combustion of fossil fuels; (2) alternative fuels; and (3) energy efficiency.