Leaking underground storage tanks (UST) pose a threat to the surrounding environment and population. The Montana Department of Environmental Quality (MT DEQ) has completed two phases of a risk analysis with the purpose of identifying the USTs at the greatest risk of leaking in order to reallocate department resources. This analysis builds upon prior analyses in three ways: (1) identifying how UST upgrades can reduce the risk of UST leaking, (2) how UST characteristics and upgrades relate to the cost of remediation, and (3) estimating the environmental and community impact of a release. The creation of linear regression models provided insight into how upgrades affect the risk coefficient and characteristics affect the cost of remediation. Further, the depreciation of nearby property values and an increase in cancer risk in community members due to a release provided a quantified estimation of environmental and community impacts.