I'm going to assume you don't believe in climate change. Fossil fuels hold a terrible future for the environment if we go that route of kicking up tar sands and shale. I believe its going to be very painful to deal with in the not so distant future so any benefit we get is going to be trumped many times over by the consequences. I'm sure you think its all baloney but too many respected scientists and organizations say otherwise.
We could try to compete manufacturing but its a race to the bottom. I think we'd be better off focusing on investing in higher technology, something we can be dominant in. Not to mention that ship already sailed, the jobs aren't coming back.
EDIT: I must run off now.