In those days gasoline ran around $.25/gallon, and diesel (not low-sulphur but the smelly stuff) was a little cheaper. Nowadays seems like diesel is priced higher than regular gas. I hardly ever notice since I have only ever had gasoline-fueled cars.Seems to me I paid around $.35 for premium in the early 1960s . . .
Yes, comparatively the price of both gas and diesel is higher - where the article essentially suggests a 10 fold wage increase the price of gas/diesel is a bit more, say 12-15. This extra inflation (2-5x) can likely be attributed to regulatory costs and inefficiencies.
What they didn’t show is the effect of our legal system on things like medical costs. In the mid 50’s one example is childbirth, costs for obstetric care was around $30 (see http://www.oftwominds.com/blogjuly09/healthcare07-09.html). Such medical costs are up two ranges of magnitude, not one (100x +, not 10x). Largely driven by not only direct liability insurance but also the extra and improved services provided, much of which is simply CYA tests and items to ensure the Dr. or hospital doesn’t get sued or can at least defend against the suit. Zero’s solution is to regulate the medical industry even more, increase costs without any reform of the out of control tort system.
When living in Switzerland our daughter had a minor surgery - even there where costs for most things are extreme this procedure costs a fraction of what it would have cost here. Dr’s don’t face the same malpractice claims they do here, “punitive damages” just aren’t part of the equation.
I could not find Diesel fuel prices for 1958. However, gas averaged 30.4 cents/gallon in 1958 dollars.
http://www.eia.gov/totalenergy/data/annual/showtext.cfm?t=ptb0524
Plug that 30.4 cents into an inflation calculator http://www.usinflationcalculator.com/ and that was the equivalent of paying $2.39 today.
Here are the prices on a few other things from 1958.
http://www.fiftiesweb.com/pop/prices-1958.htm
The only vivid recollection I have of gasoline prices in that era was what I paid in 1962-63; the price then was $.24 a gallon. But, during gas wars (remember them?) I could buy it for $ .19 a gallon.