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Renegade 13 said:
Problem is, ethanol has already been thrashed to death. Neat idea, might work on a small scale to reduce overseas oil exports, not feasible as a large-scale oil replacement. Bring on hydrogen!  
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Hydrogen isn't an energy source. You have to produce it, either by cracking water or other slightly more complicated methods. Either way you need power to do it, which leads right around to the same problem..