A lot of Energy is lost, with each conversion. I mean that the more steps you take, then the more energy will be needed to drive the conversion process? Also producing more CO2. This link has (plausible, alarming)FIGURES for waste at each step. His idea: producing fuel oil by reacting hydrogen with coal (hydrocracking) would be much less wasteful, than liquifying the hydrogen, and using it as a fuel. Or converting it to electricity , and charging electric cars with it.
http://www.recoverybydiscovery.com/hydrogen.htm
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