The Minneapolis Star-Tribune is the latest media outlet to report on manufacturing capacity returning to the United States because high energy prices equal high shipping costs. From “The new China price“:
John Huot is starting to like high oil prices.
Earlier this year, the president of St. Paul-based Huot Manufacturing won back a key U.S. customer who abandoned him three years ago for cheaper tool kits made in China.
With oil prices above $100 a barrel — Friday’s close was $106.23 — oceanic shipping is suddenly painful, which makes the Huots of this country competitive again.
Call it the “oil factor.”
Huot’s webpage is here.
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