Way to go, Mexican government. You have shown that you know how derivatives are supposed to be used and have used them very wisely to protect oil revenues in 2009:
"The world's sixth biggest oil producer hedged almost all of next's year oil exports at prices ranging from $70 to $100 at a cost of about $1.5bn (£961m) through derivatives contracts, according to bankers familiar with the deal."
Oil is trading right now in the low $50s so it seems like a wise move indeed. Even if prices rise above the contracted selling price in the puts, the loss is limited to the price of the options and $1.5 billion is not a bad price for a comprehensive insurance policy on such an important asset.
Maybe the Mexican Treasury department can give lessons to these guys.