water as fuel for our auto mobiles !!!

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hi friends ... as our petroleum resources are going to be an end , i think a new source of energy must be needed to run our automotives ... i heard that water can be used instead of petroleum in our same automobiles with a small change in the engine design ... the hydrogen contained in the water molecule is helping us for producing the power outout ... juz imagine we are simply filling our petrol or diesel tank with water ... it will be amazing and will be cheaper coz 3/4th of our earth consists of water , u kno that rite ... THE MOST AMAZING NEWS IS THAT BMW HAS ALREADY INTRODUCED A WATER POWERED 7 SERIES . hope u all enjoy this . please reply me about this topic , i am waitin ... if any one knows further about this please share it with me bcoz it will be helpful for my study - i am an automobile engineering student ....