Vice President JD Vance is not having it with the "it's all about oil" narrative. In a lengthy post on X Sunday, he defended the military action that led to President Nicolás Maduro's capture, arguing the real story is about drug trafficking and stolen American assets, not just energy reserves.

The Drug Trade Dimension

Vance pushed back hard against suggestions that Venezuela plays a minor role in the global drug trade. Sure, most fentanyl entering the U.S. comes from elsewhere, but that's missing the bigger picture, he argued. Fentanyl isn't the only drug funding criminal networks, and Venezuela has been a fentanyl source in the past.

The real money, according to Vance, is in cocaine trafficking. Venezuela serves as a key revenue source for Latin American cartels through cocaine operations. Cut those profits, and you weaken the entire criminal network. He noted that cocaine's harms are often underestimated in policy discussions, while fentanyl flowing through Mexico remains a major U.S. priority, pointing to President Donald Trump's immediate border shutdown.

Then there's the asset seizure angle. Vance highlighted that Venezuela's past confiscation of U.S. oil assets enriched the Maduro regime and funded what he called narcoterrorism. His question was pointed: should America just tolerate that?

"I understand the anxiety over the use of military force, but are we just supposed to allow a communist to steal our stuff in our hemisphere and do nothing?" Vance wrote.

The Energy Equation

Of course, the oil angle isn't exactly irrelevant. Venezuela is experiencing a significant political transition, and the U.S. has clear interests in its energy sector. Former U.S. envoy Richard Haass suggested the Trump administration's actions may indeed be driven partly by desires to secure access and profits from Venezuelan oil reserves.

Trump himself announced plans for billions in investment to rebuild Venezuela's oil infrastructure and boost revenue generation following Maduro's removal. But he's also made clear this isn't unconditional, threatening additional military action if Venezuela's new administration doesn't cooperate with U.S. efforts. Similar warnings went to Mexico and Colombia regarding drug trafficking.

The situation has put U.S. energy companies with Venezuelan exposure squarely in the spotlight. Chevron (CVX) remains the only major American producer still operating in Venezuela under a special Treasury license. Halliburton (HAL) maintains its historical presence in the country through oilfield services. And Valero Energy (VLO), with its complex refineries specifically designed to handle heavy crude, is particularly well-suited to process Venezuelan oil.

So is this about oil, drugs, or stolen assets? Vance's answer seems to be: yes, all of it. The debate continues, but the stakes for both geopolitics and energy markets are becoming clearer by the day.