Good points. Its worth noting that the energy in doesn't equal energy out argument is a non-starter.
Simple physics requires that this is true of all energy sources. And it is worth remembering that tremendous amounts of fuel are used in the refining of petroleum itself.
Even the Electromagnets at an electic power plant require a substantial amount of electricity to operate...
For automobiles the key factor is portability of the energy source. So effeciency, while still important from a range-per-tank standpoint, isn't as important as the easy availablity of the portable energy source.
In short, we could switch to hydrogen as the primary fuel for autos without adopting a complete "hydrogen economy".
What the President is proposing is only a 1st step to that "pipe dream".
Scott