Hopes have again been raised about developing a “hydrogen economy”, in which hydrogen could be expected to replace oil and natural gas for most uses, including transportation and heating. It is again being claimed that hydrogen will be a widely available, clean, safe fuel. This article argues that such expectations are almost certainly illusory. Hydrogen, like electricity, is not an energy resource but an energy carrier. It takes more energy to extract hydrogen from water than burning the hydrogen can ever provide. There are also inevitable losses in storage, transmission, and final mechanical or heating applications. The question then turns on the efficiency—and safety—of the entire chain of conversion, from the energy source (fossil, solar, or other) to the final use. Moreover, energy sources (preferably renewable, for the long term) can be used for the direct creation of electricity, which can be introduced into the existing grid without requiring a vast investment in a new hydrogen distribution system. In addition, a hydrogen-based system would be unacceptably dangerous. This report will present a detailed technical and economic analysis of the problems with the proposed hydrogen economy and the advantages of some alternatives, principally electricity-based. A hypothetical case of what would be required for a hydrogen filling station serving the general public is closely examined.