Why America Must Build the Car That Overtakes a Tesla

Well hydrogen dreams came from a spread right, that oil will be more expensive than what you make the hydrogen from. If oil is cheap, it undercuts the reason for government investment (taxes) in hydrogen infrastructure, and without high government investment there is no private investment. If today the governments killed fuel cell and hydrogen mandates and subsidies, I doubt there would be 1% of the private investment today. On manufacturing, that does not rely on cheap fosil fuel, but when the US had artificially higher fosil fuel prices than other countries manufacturing moved to those countries.

Well so we have two groups of people promiting fuel cells. Those like wagoner that bankrupted gm investing in it, and probably toyota's chairman of the board. These are true belivers. Then we get people like the koch brothers and lentz that want fuel cells to just delay plug-ins so they can sell the stuff they have. We even have aramco investing in fuel cells and pushing them. Of course Aramco is what is now pushing opec for cheap oil to partially stimulate demand for less efficient gasoline and diesel vehicles.
Research Institute - University Collaboration Program

You will see chevron and exxon being openly skeptical of fuel cells. They know that most of the oil is owned by other people. Oil companies are split on weather to back a loser to hurt plug-ins or not. Let us not paint with that broad brush. Remember the CARB lies that oil companies would happily pay for hydrogen infrastruture. Some of them don't like that kind of garbage.