Natural-gas producers, meanwhile, had hoped that a cap on carbon emissions would lead power companies to shift toward gas-fired generation and away from coal. But natural-gas producers are disappointed by the Waxman-Markey bill, which they argue skews the cap-and-trade system by giving away carbon-emission allowances to coal-fired power generators.

"We want all fuels to be treated equally, adjusted to their carbon content," said Jim Hackett, chief executive officer of oil-and-gas producer Anadarko Petroleum Corp.

The industry worries the lack of an immediate incentive to shift to gas will give new technologies time to emerge as competitors.

For the complete article:

http://online.wsj.com/article/SB124286463332441389.html