Is it possible some types of manufacturing may return to the US? If oil prices and transportation costs keep climbing, then the answer is yes.
While a lot of manufacturing has moved overseas, primarily to China, the costs savings are starting to dwindle as Chinese workers are demanding and getting higher wages. And if transportation costs keep rising, then the lower cost of manufacturing goods overseas are offset by that and the goods start to approach cost parity with those made in the US.
There are a number of other reasons for some manufacturing coming back to the US, including shorter lead times, the ability to make custom versions of goods more quickly, and much more rapid response times to design changes, just to name a few.
Are there other reasons that might also bring more manufacturing back to the US? Undoubtedly. Is it something we can promote? Not likely...unless we can get government off our backs and make it more attractive for companies to do business here rather than overseas.