Dunno about the $55m cheque but after 39.5 seconds of searching the internet (point 5 was for the results to be rendered)
http://en.m.wikipedia.org/wiki/Water-fuelled_car
Releasing chemical energy from water, in excess or in equal proportion to the energy required to facilitate such production, would therefore violate thefirst or second law of thermodynamics.[5][6][7][8]
And
http://en.m.wikipedia.org/wiki/Stanley_Meyer%27s_water_fuel_cell
In a news report on an Ohio TV station, Meyer demonstrated a dune buggy which he claimed was powered by his water fuel cell. He estimated that only 22 US gallons (83 liters) of water were required to travel from Los Angeles to New York.[11] Furthermore, Meyer claimed to have replaced the spark plugs with "injectors" which introduced a hydrogen/oxygen mixture into the engine cylinders. The water was subjected to an electrical resonance that dissociated it into its basic atomic make-up. The water fuel cell would split the water into hydrogen and oxygen gas, which would then be combusted back into water vapor in a conventionalinternal combustion engine to produce net energy.[3]
All of the perpetual motion machine inventors, zero point energy speculators and people interested in improving the brownian ratchet please form an orderly queue at the patent office and prepare to demonstrate your creation.
Back to the original thread, if anyone is concerned about paying so much for petrol or diesel, drive a smaller car. The effect is immediate and long lasting