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The declining dollar has had a little influence in the rising cost of oil but it has more to do with supply and demand.
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Sure
If the supply of money goes through the roof and the supply of precious good remains constant we will have inflation. The reason is we now have thousands of millionaires/billionaires ( dollar holders ) all over the world trying to outbid each other to either buy or hoard the produced precious goods like black gold (oil) and yellow gold. The pain of inflation has to be felt somewhere, and it's the middle class.
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That is a 600% percent increase. If what you were suggestion is true than milk would cost $12 a gallon, cars would cost $120,000, and every home would cost over a million.
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It depends on the imports ( eg : energy and wheat ) of US, how precious are the goods and how much the produced goods are tied to energy usage. We can have extreme bull and bear market in a screwed up economy.