Nearshoring and Onshoring to make their way back?

At a recent supply chain conference in Dublin, Ireland, Michael Proffitt - a global supply chain expert - claimed that nearshoring and onshoring were on their way back to the developed world. He stated that as the cost of oil and fuel kept rising coupled with disruptive world events and increasing security concerns, organizations in the developed world are beginning to think twice about outsourcing all their manufacturing requirements to China and the Far East. Michael cited River Island, a large UK clothing retailer as an example. Due to increasing transportation costs, time lag and security concerns, River Island have brought back their manufacturing requirements from the Far East to be sourced locally in the UK. If the cost of oil keeps steadily rising on world markets, he believes that there will be much diminshed returns from outsourcing your manufacturing requirements to distant locations.