Gasoline prices have been off the charts volatile for the past several weeks. Excess volatility will be an unpleasant feature for western markets for just 20 more years.

Gosh, but gasoline prices are elevated. Like record-setting elevated.

Car owners grumble about the high cost of fuel, yet people are furiously driving around, rental cars are scarce, new car lots are sparse, and used cars are in short supply. I have yet to even meet anyone in my circle who has put their F150 up for sale.

And so, I see three questions worth pondering:

1. Why did prices rise so quickly?
2. When will prices come down?
3. Is price volatility the new normal?