That is true.
The trouble in doing this are the costs involved in possible replacements. When we look at possible replacements, we realize that:
1. The internal combustion engine sucks...
2. But everything else sucks at least as hard, if not harder. So far.
This is an example of ICE technology but illustrates that there is better technology coming.
http://www.autoevolution.com/news/opoc-engine-explained-22609.html
At the beginning of last century, it you wanted to get real work done you used steam power because everything else sucked worse. The internal combustion engine has made a good run but it will be supplanted by better technology, and I think sooner than many suspect.