It would take more fossil fuels to create the electricity required to extract the hydrogen than we use consuming oil refined into gasoline.
Gasoline is just one product from oil. It's the overall usage of oil and it's demand worldwide causing the increase in price.
Now, if we had more nuclear power plants to generate electricity it would be cheaper and cleaner to extract the hydrogen.
Or if the government would buy my "Pipeline to the Sun" project! ;-)
Which is why we should build more nuclear power plants.
And we should work on developing fusion power.