This article addresses the risks and uncertainties for Mexico derived from the excessive dependency on US natural gas. It will take as a reference Btu price fluctuation and the covenants contained on the based contract for sale and purchase of natural gas, particularly in the context of the behaviour displayed by market participants (including governments) during the recent winter storm energy crisis in Texas which consequently forced shortages in Mexico due to a lack of ‘available’ natural gas to produce power (electricity). The research question includes: Should Mexico exploit its vast natural gas resources although it might not be a sustainable or a cost-effective (economically–socially and environmentally) decision? (The curse of the TEX-MEX-NG). Or instead, would it be better to prepare (within the limits of its financial situation) to address the US natural gas price fluctuations, like price hedging? Or a combination of both?

中文翻译：

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天然气的法律和经济挑战——墨西哥的艰难案例

本文探讨了墨西哥过度依赖美国天然气所带来的风险和不确定性。它将以 Btu 价格波动和基于天然气买卖合同的条款作为参考，特别是在市场参与者（包括政府）在德克萨斯州最近的冬季风暴能源危机期间表现出的行为的背景下，因此，由于缺乏“可用”天然气来发电（电力），导致墨西哥出现短缺。研究问题包括：墨西哥是否应该开发其丰富的天然气资源，尽管这可能不是一个可持续或具有成本效益（经济-社会和环境）的决定？（TEX-MEX-NG 的诅咒）。或者，（在其财务状况范围内）应对美国天然气价格波动（如价格对冲）进行准备会更好吗？还是两者兼而有之？