Watch these two videos to get an idea of the technology that is out there right now that could easily and cheaply replace oil as the substance that runs the world. Water. The Japanese company isn't revealing any secrets about how their car runs on water but the second video of the American inventor says that it's the conversion of H20 to HHO gas that is the secret. It's accomplished through a form of electrolysis that breaks down the molecules of water into HHO gas.
I've got to find out more about this. Anyone else who has more details or discovers anything of interest please let me know. Beware of hoax sites though. I found a few "too good to be true" sites out there trying to capitalize on the desperation and lack of knowledge on this process. But I don't believe that means this whole process is bunk. These other companies seem legit and have applied for patents.
Okay, I may have been overzealous and pretty naive again. Below is a story I found on The Huffington Post saying that water powered cars have been and still are a hoax.
Genepax Water Car: Too Good to be True? Yeah