For EIA's latest gasoline price forecast, see EIA's Short-Term Energy Outlook.

The professors studied a Thomson First Call database that contained more than 7,000 yearly price forecasts made by analysts at brokerage firms from 1997 through 2001.

"In the last four years, the long-term price forecasts have changed every month," said Philip L. Dodge, an analyst at Nomura Securities International Inc.

Maybe a stock price forecast.

In the end, he says, his hold rating came down to his price forecast.

It appears that Exxon's price forecast has not risen much in recent years, even though market prices have soared.

"We think the stock price incorporates an oil-price assumption that's significantly below both the current spot price and our price forecast for the next 12 to 24 months," he said.

A. I am probably the only person in the oil industry who has never given a price forecast.

Mr. Reid added that based on current price forecasts for nickel and copper, Falconbridge's two main products, Inco was not in a position to improve on Xstrata's higher offer.

Philip Klapwijk, managing director of Gold Fields Mineral Services, said that Gold Fields' price forecast of $240 to $270 an ounce "has already been punctured."