It is true that QE has tremendously increased the money supply. Inflation remains around 1%. Inflation and money supply do not have a simple or linear relation

It is true that QE has tremendously increased the money supply. Inflation remains around 1%. Inflation and money supply do not have a simple or linear relationship. The oil thing is nonsense. All oil sales are enumerated in USD for historical reasons only. Dictators who face embargo by the U.S. would rather sell oil for other currencies in order to evade the embargoes. Iran is trying to sell oil on their own private oil bourse right now. It is an operating concern, today, in 2014. They are perfectly free to sell oil for other currencies, but they are not finding a lot of buyers.