Lawmakers are unlikely to pass climate-change legislation next year, observers say. They note that it will be difficult for U.S. lawmakers who support the legislation to push for emissions caps because the recent Copenhagen Accord includes no targets for reductions. "We were previously of the view that cap-and-trade was becoming an increasingly hard sell in the U.S.," said Paul McConnell, an energy markets analyst at Wood Mackenzie. "But I think the events in Copenhagen have probably made that even more difficult."

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