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.

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The year 2022 is littered with risk for economic activity in Mexico. The persistence of an inflationary environment, the expectation of meager growth, slowing investment, the continuation of capital flight, tensions between the government and the private sector, amd a treasury increasingly committed to the financial rescue of Petróleos Mexicanos (Pemex) are all depressing to contemplate. However, President Andrés Manuel López Obrador’s popularity is sky-high. This perception of political infallibility is going to fuel his ambition to get his energy reform...