Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process.

The energy sector is under the spotlight in Mexico perhaps unlike any time in recent history. The modification of the sector’s legal framework is being discussed in Congress, and separately in the Supreme Court, with politicians of all stripes weighing in. The Finance Ministry is trying to control rising inflation and exert greater control over the flow of hydrocarbons in the country. Meanwhile the government is under fire from officials in the United States over changes in the rules of the game. There are also Russia’s flirtations, with some receptivity in some...