Driving on the Space Coast is all but a requirement for most people, given that the area is spread out over several townships with relatively long distances between the places we all go to on a regular basis.

For example, it’s a 39-mile round trip from Titusville to Cocoa Village and 25 miles round trip to Playalinda Beach from the center of town. Driving requires gasoline for most of us, of course, and it seems that since late winter, the price at the pumps has been higher every time we go to fill up our vehicles.

Florida Gas Price Trends

According to AAA, higher demand for gas and the more expensive summer blend are two reasons why the cost of fuel has continued to increase. At the same time, they expect some relief in prices to arrive later this month. “Drivers will likely be happy to hear that they may soon get a break from rising prices at the pump,” said Mark Jenkins, public relations manager for AAA. “The price of oil took a step back last week, enabling gasoline futures to drop 20 cents per gallon.” That, coupled with the passing of the Memorial Day holiday — when many people travel, increasing demand — should add up to some relief for Floridians’ wallets in the next few weeks.

As of May 6, 2024, the average price of gas in Florida is $3.59 per gallon. 

Titusville gas prices range from $3.46 to $3.76 per gallon for regular gasoline, averaging about $3.57.

Other areas of the state have it better, for example, Crestview-For Walton Beach ($3.35), Pensacola ($3.37), and Panama City ($3.38). On the other hand, the most expensive prices in Florida can be found in West Palm Beach ($3.77), Naples ($3.70), and Homosassa Springs ($3.68).

What Affects Gas Prices?

The main components of retail gasoline prices are the cost of crude oil, taxes, refining costs, and distribution and marketing costs. Crude oil prices are determined by global demand, and the simple calculus of supply and demand are at play: higher demand means higher prices, while prices fall when demand drops.

As of January 1, 2024, the federal gasoline tax is 18.4 cents per gallon. This tax and a 0.1 cent per gallon Leaking Underground Storage Tank fee are part of the total taxes and fees on retail gasoline.  Florida taxes gasoline at $0.26325 per gallon to fund our roadways and provide funds for bolstering hurricane evacuation routes and supporting waterway infrastructure critical to the state’s tourism and shipping industries. Altogether, an additional $0.45725 is added to the price of each gallon of gasoline we purchase.

Refining, distribution, and marketing costs are somewhat unknown, but it is true that when a major refinery goes offline in the US, gas prices rise for all—that’s supply and demand rearing its head again. Another factor in refinery prices is that while the number of drivers and cars on the road has grown steadily through the years, the number of refineries has not kept pace.

The last major oil refinery built in the United States was Marathon’s facility in Garyville, Louisiana in 1977. However, the newest refinery in the US is the Texas International Terminals 45,000 b/cd refinery in Channelview, Texas, which began operating in February 2022. A small refinery also came online in North Dakota in 2020.

Distribution is often done by pipelines built across the country to distribute petroleum products. The “final mile” is usually done by overland trucking, which of course sees the prices rise for that when petroleum prices rise for everyone else.

Patrick De Haan, head of petroleum analysis at GasBuddy, recently noted, ”We’ve seen the national average fade slightly again as oil prices have cooled, and our spring peak appears to be more confidently behind us.”

He also mentioned refineries, “While refinery utilization rates last week indicated that there is still some refinery maintenance work to be done, oil prices have helped put downward pressure on gasoline prices, with oil falling below $80 per barrel last week.”

Finally, De Haan concluded, “With the seasonal factors behind us, looking ahead, we expect gasoline prices to continue cooling alongside diesel prices as we look forward to Memorial Day weekend.”

How Can I Save On Gas?

Planning and perhaps a little investment can go a long way toward saving money at the pump. The old saying “there’s an app for that” is true here as well—there is an app for your smartphone that will direct you to the lowest gas prices nearby. For consistently lower prices, joining one of the local warehouse clubs can also save you $0.20 or more per gallon—and that adds up, especially if your vehicle has a larger tank.

Gas Buddy

Gas Buddy is a free app and website that you can visit to find out where the best prices are in your area. The smartphone app can use your current location (if you allow it to) and tell you the cheapest prices nearby. You can download the app at your favorite online app store (Google Play, Apple App Store, etc.)

This can be quite handy if you are traveling, as prices on Interstate exits (like I-95) seem to be consistently higher than they are even one or two miles away. That’s where Gas Buddy can help you keep as much of your hard-earned dollars in your pocket as possible.

On Gas Buddy’s website, you can also view the entire state: Gas Buddy—Florida.

Gas Buddy has some special offers, such as a savings card, but I skipped that and just used the app in the past.

Warehouse Clubs

One place you can really save money is at the local Sam’s Club in Cocoa or, if you are inclined to drive, Costco just south of Viera. Both have appreciable discounts on their fuel for members, and the price at their pumps is generally $0.20 – $0.25 per gallon cheaper. However, it costs money to join the warehouse club stores, so your savings are offset by membership prices.

The good news is that price-conscious consumers can also shop in those stores if they purchase a membership and can add to their savings with those purchases. Over time, you can recover the annual membership price and save a lot of money by buying at Sam’s or Costco.