Hydrogen is experiencing a resurgence in energy transition debates. Before representing a solution, however, the existing hydrogen economy is still a climate change headache: over 99 % of production depends on fossil fuels, oil refining accounts for 42 % of demand, and its transportation is intertwined with fossil infrastructure, like natural gas pipelines. This article investigates the path-dependent dynamics shaping the hydrogen economy and its interconnections with the oil and gas industry. It draws on the global production networks (GPN) approach and political economy research to provide a comprehensive review of current and prospective end-uses of hydrogen, modes of transport, networks of industrial actors and state strategies, along the major production facilities and holders of intellectual property rights. The results presented in this article suggest that the superimposition of private agendas may jeopardise the viability of future energy systems and requires counterbalancing forces to override the negative consequences of path-dependent energy transitions.