I can answer that for you easily.
It's non ideal. And even less ideal for a land based conversion plant. Your link explains a process that requires electrolysis as part of the process. Electrolysis is a very energy intensive way to get hydrogen which is why 85% of our current hydrogen supply comes from natural gas. Further the fuel itself is not very energy dense. The reason why gasoline is a good fuel is because it has lots of weak hydrogen bonds in a single molecule (gasoline is actually a mixture of a number of different molecules but the point is the same).
That proposal would require a large power plant to make a weak fuel. This may be fine on a nuke powered battleship, but is a poor choice for consumer energy.
Obamas point is that there is no one energy solution. We will want switchgrass conversion in areas that are arid. High population density areas will supply some
organic matter for conversion to biodiesel. There are new organic waste to fuel conversion systems powered by solar thermal which are being worked on.
The right path. The one we can excel in. The one that would bring jobs and resources to the country would be to excel in and fund all sorts of energy projects like I mentioned. There are dozens more. We should be the supplier of energy technology. We are not on that path, we will be beaten by china and Europe if we don't straighten out right now.
The president has little control over gas prices because gasoline is a global commodity, gas prices reflect the demand from not only the us but every country in the world. Our gas prices are not
high. Take a trip to Europe.