Inflation and Oil Prices

I was alerted to a posting at www.hedgeworld.com by Irene Aldridge, portfolio manager at ABLE Alpha Trading, about the relationship between oil prices and inflation.  One of the major factors affecting inflation is the amount of money supply in the US.  The Federal Reserve Bank has added almost $500 billion in the past year as part of Quantitative Easing 2.  Based on historical patterns, the Fed would take money out of the system due to the recent rise of oil prices due to the unrest in the Middle East.