Re: Electric racing vehicles
"All that's needed is a cheap method of extracting the universe's most abundant element from a source - sea water probably."
Depends what you mean by cheap. You still need a source of energy at least equivalent to the energy that you are going to get back by 'burning' the hydrogen. And that assumes a method of generating hydrogen at high efficiency and that hopefully doesn't involve carbon. Electrolysis doesn't look too good at the moment even with a lot of development.
Storage and distribution of hydrogen is still a big issue.