In the last few weeks, companies like BP, Royal Dutch/Shell and ChevronTexaco announced that they missed their production growth targets for 2002 and would no longer be providing a specific forecast for increasing output.
The study's forecast calls for increasing temperatures in the Golden State over the next few decades.
Depending on the nature of the data, the evolution of the correlation coefficient shows different developments for increasing forecasting intervals.
"One reason for increased forecast costs was the global slump in fossil fuel prices, a development which energy market experts in general were not expecting".
Growth forecast for this year increased from 0.6% to 1.4%, revised up for next year from 1.8% to 2.4%, but then down slightly for the following three years to 2.2%, 2.6%, and 2.7%.
Consumer credit rose by £1.24bn in March, beating City forecasts for £800m increase in a Reuters poll.
China's economy expanded 7.7 percent during the first three months of this year, compared with a year earlier, falling well short of forecasts for an increase of 8 percent and slowing from 7.9 percent during the final quarter of 2012.
While that would be far above most industrial economies, it fell well short of forecasts for an increase of 8 percent and slowed from 7.9 percent during the final quarter of 2012.
The unemployment rate also remained flat at 9.7%, contrary to forecasts for an increase to 9.8%.
Kohl's said same-store sales fell 4.6%, compared to Wall Street forecasts for an increase in sales and Target reported same-store sales rose 4.1% in July, better than expected.
