You make a very good point, except for the oil thing. Gas and heating/air conditioning will cost a lot more, too.
it already does.
I still say, that China is the target here. If we can fight off the yuan peg, the dollar slide against the euro and the yen will then mitigate. the component of the oil price increase due to the weaker dollar, will then also reverse (the component due to the demand increase will be permanent).