"Possibly why it's being shorted. The articles I've read so far on hydrogen (that are not incentivised to promote hydrogen) have had some good arguments that it's not financially viable in most scenarios"
These hydrogen investments are very much peripheral to the business and has little impact. The industry in general is only doing it because of grants and subsidies from governments desperately casting about for solutions to their Kyoto obligations. It is a win-win-win for the companies. They get to look like they are doing something constructive, at no real cost to them, while actually only kicking the can down the road.
The oil industry is itself a major consumer of hydrogen in their hydrocrackers, so it doesn't even matter that much that the whole idea of a wider 'hydrogen economy' is fundamentally flawed.
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