In a VERY large bowl (or two medium bowls), combine the first 5 ingredients. Set aside.
In a microwave safe bowl, heat white chips and oil on high for 60 seconds (you could also melt chocolate and oil in a double boiler pan). Stir and microwave for another 30 seconds and stir until completely melted and smooth (you may need to microwave for a couple more seconds).
Pour melted chocolate over cereal mix. Stir until all the cereal is evenly covered with white chocolate.
Spread cereal mix on 2 large baking sheets lined with wax paper. Let cool and then break apart into chunks.
Store in an airtight container.
Notes
If you want to add more textures and tastes to this Chex Mix, consider the following mix-ins: Snicker's candy bars, Reese's Peanut Butter Cups, almonds, cashews, peanut or peanut butter M&M's, shredded coconut, Butterfingers, Nutter Butters, Kit Kats, or any of your favorite holiday toppings or candy.