Large commercial hovercraft were killed off by rapidly rising fuel costs .
The forward thrust engines have to be very large and powerful and were usually derived from aircraft engines .
Indeed the fuel usage and cost was often comparable to that of an aeroplane .
Other difficulties were the very rough ride sometimes experienced on the hover ferries and the uncertain steering in rough sea conditions .
More generally no one ever solved the problem of running them on land over anything exept smooth terrain or prepared tracks .
On water Hydrofoils are much more fuel efficient and if you want to go really fast on water there are ground effect wave skimmers .
I believe that Hovercraft are still built and used for military purposes .
Hover systems were tried for railways but several initially promising systems were tried and abandoned .
The Maglev and derivative systems proved to be much more effective and were more intrinsically compatible with electrified railways .
MikeW