California Governor Gavin Newsom urged drivers to avoid Chevron stations over Memorial Day weekend. Newsom accused the oil company of price-gouging.
Newsom's office cited state data showing Chevron's prices ran 60 to 80 cents higher per gallon than unbranded alternatives.
Chevron defended its independent retailers. The company blamed Sacramento’s high taxes and stringent climate policies for the state's high fuel costs.
California fuel costs averaged $6.14 per gallon.
Chevron stock closed slightly up at $191.43 on Friday.
Morgan Stanley raised its price target for Chevron to $214. The firm maintained an overweight rating on the stock.