Up to now cheap oil has been selling for $20-25 per barrel. This will not be the situation in the future because demand will exceed supply ..... India and China have joined the demand side of the equation. Until now hydrogen was not economically competitive so capital was diverted to oil exploration, etc. This will not be the case in the future. Oil will be around for a long time but it will slowly be replaced by hydrogen and nuclear energy.
There are a lot of technical problems with using hydrogen as a fuel that will need to be overcome before it has a chance of being what the environitwits claim it can be. Some of them may not be solvable. But that hasn't stopped people from pushing hydrogen as the universal energy solution that it clearly isn't.
Now don't get me wrong; hydrogen does have a place in a post petroleum economy, but not by itself. The real post petroleum world will see a much wider variety of energy sources in use. Right now we depend almost entirely on the big three fossil fuels: coal, oil, and natural gas. If we do things right, we will see many different renewable fuels, each being used where it is most useful. That means hydrogen, but it also includes biodiesel, ethanol, wind, photovoltaic, nuclear, and other energy sources.
To claim hydrogen and nuclear power will be the sole energy solutions is naive. Promoting them as such, to the exclusion of all others, is foolish to the point of being economically suicidal.