It amazes me the potential of this invention, yet at the same time it almost makes me sick to my stomach that no one is taking inventions like this seriously, and we're still dealing with oil. What gives?

Alternative energy opportunities are clearly out there, yet why must we take a one-ticket ride to hell in a hand basket?
Nobody takes it seriously Deery because, unfortunately, it's crackpot science; naturally with the exception of news channels whose science reporters increasingly seem to have literally no understanding of the subject they report on.

This 'invention' has been invented time and time again by amateur technicians for more than a century. However, all you need to know to understand why it can't possibly work is the First Law of Thermodynamics which is possibly one of the most basic and simple principles in the whole of science... it's literally one of the first things you ever learn as a kid.

The first law says that you can't get something for free; you can't create energy.

What this device does is electrolyses water into oxygen and hydrogen, and then burns the hydrogen (bearing in mind that burning is just reacting with oxygen), turning it back into water.

Just consider what would happen if you kept doing this over and over; you'd have an infinite source of free energy, which is impossible.

What actually happens here is that the amount of electrical energy you have to put into the water during electrolysis will be equal to the amount of heat energy you get back out of it; and, as no process is anywhere near 100% efficient, if you were to repeat this what would actually happen is that you would very quickly lose energy.

All this process does is store electrical energy in the form of hydrogen, and then release it. In other words, it is no more a source of energy than a battery is; that is to say, not at all.

Oil on the other hand is not something we have to put energy into; the energy is already there. That's why oil is a fuel.

What this technology is useful for is that it provides a good way (there are others) of turning electrical energy into a store of energy that can be used for transport. As Mario says though, at the moment most of our electrical energy comes from non-renewable sources in the first place, so the problem is not averted at all. Only when all of our electricity is generated by clean sources, and we have a hydrogen infrastructure in place, will this be of any use.