Final answer:
All chemical reactions can theoretically reach equilibrium, but the equilibrium for the decomposition of water into hydrogen and oxygen strongly favors the liquid water side.
Step-by-step explanation:
You are correct that in principle all chemical reactions can reach a state of equilibrium, where the rate of the forward reaction equals the rate of the reverse reaction. However, for the reaction 2H2O (ℓ) ⇌ 2H2(g) + O2(g), the equilibrium strongly favors the left side, meaning the formation of hydrogen and oxygen gases from liquid water is not favored under normal conditions.
The reaction for the formation of water from hydrogen and oxygen, 2 H2(g) + O2(g) → 2 H2O(ℓ), has a very large equilibrium constant, indicating that the reaction nearly goes to completion and the reverse reaction, the decomposition of water, is not appreciable under normal conditions.
Furthermore, although hydrogen and oxygen gases are produced when water decomposes, they generally do not escape the atmosphere to a significant degree because the rate of such decomposition is extremely low at room temperature and normal atmospheric pressure.
Additionally, there is a high activation energy barrier for the reverse reaction that prevents the reformation of water from these gases under standard conditions, without an external energy source like heat or a spark. Hence, while there might be tiny amounts of hydrogen and oxygen produced, they do not accumulate because the reaction rate is exceedingly slow, and the atmosphere does not provide the necessary conditions for their recombination into water.