The rising price of oil will act as a spur for fuel cell technology, according to new analysis.

Initially it was expected that fuel cells would not become common currency for at least ten to 20 years, but the volatile oil market is set to speed up the process.

Experts at the annual International Precious Metals Institute conference said oil prices were making fuel cells an increasingly viable prospect.

Robert Ianniello, director of materials science and strategic technologies at Engelhard said he expected fuel cell research would  gather momentum if oil prices moved above $44 per barrel.

"Economists do the calculation and it's almost like a breakeven point," he told Reuters.

"Now it's worth the effort to make the major investment in looking at those alternative fuel sources."

"You are really looking at the whole landscape, not just a fuel cell or gas-to-liquid technology, but infrastructure changes and all the support functions," he added.

The US Department of Energy (DOE), which announced $350 million in fuel cell research projects in April, is striving to provide the funds necessary to get the technology off the ground.