as the great economist milton friedman put it "inflation is always and everywhere a monetary phenomenon." the way QE has the effect of raising asset prices (stocks, bonds, commodities like oil, gold, cotton, etc.) is that the Fed, and other central banks, print money and buy treasurys on the open market from the primary dealers, who are almost exclusively banks. this transaction has the effect of increasing the money supply and providing those banks with extra liquidity in which a portion of it is deposited at the federal reserve banks and the other portion is used to gamble in the markets, which results in many asset classes rising independent of fundamentals. basically QE induces a temporary "boom" that makes it feel like the economy is doing well when in reality we only experience asset price inflation, which transfers wealth from poorer consumers to wealthier investors.

in short, QE leads to a rise in asset prices, like oil and therefore gas, by both increasing the money supply and providing banks additional capital with which to gamble/speculate/invest. there may be other effects of QE that leads to higher asset prices, like psychological ones, or other monetary ones that i have neglected to mention or simply don't understand myself.

as to your question about other inflation indices or aggegrates, consumer price inflation is caused by more factors than simply the money supply, though i'd argue the money supply is the PRINCIPAL factor affecting the price level. those other factors include demand, supply of raw goods, cost of labor, tightness of labor markets, and others. if gas prices rise very high, it is safe to say consumer demand will drop off as money is siphoned into the gas market, along with other effects on the overall labor market. moreover, many goods are manufactured abroad using low cost labor so they may be less likely to increase in value quick enough to be reflected in inflation indexes.

hope i could help, but there's no doubt QE and other monetary stimulative measures lead to asset price inflation. in my opinion, monetary policy is the most serious and important issue of our time, yet very, very few actually talk about it or understand it, and the media hardly talks about it. i'll leave you with a quote from perhaps the most well known economist of the 20th century john maynard keynes:

"By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."

I've said for years, that instead of removing food and energy from the index, they should use something like a 6 month rolling average. The noise is removed, but if there is a true trend, up or down, it will show up after a few months.

High gas prices, low gas prices, high interest rates, low interest rates... it's all part of the plan.

"Nobel Laureate Joseph Stiglitz adds other culprits as crucial to the making of the current economic crisis. Among them:

1) the April 1998, decision of President Clinton's Working Group on Financial Markets to quash a proposal by Brooksley E. Born, head of the Commodity Futures Trading Commission, to regulate derivatives;

2) enactment of Gramm-Leach-Bliley Act on November 12, 1999 allowing consolidation of commercial and investment banks;

3) passage of the Commodity Futures Modernization Act of 2000 removing derivatives from federal oversight;

4) the Bush tax cuts of 2001 and 2003;

5) the failure of the Federal Reserve to take responsibility for regulating derivatives; and

6) the Securities and Exchange Commission decision in April, 2004, to allow large investment banks to increase their debt-to-capital ratio from 12 to 1 to 30 to 1, or higher.

"What each of these actions (and inactions) has in common is that Greenspan either initiated or endorsed them.

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Last fall, oil prices rose dramatically, with very little response in gas prices. I read at the time it was because there was a glut of gasoline being refined. I'm guessing that the current run up in gas prices without an concurrent run up in oil prices is a delayed reaction to last falls prices.

Remember that when oil is refined, you can't just say, today I'm refining for gasoline, and gasoline is all you get. INstead, oil is refined into a wide range of products, everything from tar to kerosene. The best you can do is adjust the ratio of products that you get. In the run up to winter, oil companies will usually try to stock up on heating oil. However, in the process, they end up creating a surplus of other products at the same time.