Vice President JD Vance pushed back against claims that Venezuela’s oil reserves were the motivation behind President Nicolás Maduro‘s capture and attributed the military strike to drug trafficking.
The Global Impact Of Venezuela's Drug Role
Vance took to X on Sunday to dismiss notions that Venezuela plays little role in the global drug trade, arguing that such narratives overlook both the breadth of narcotics trafficking and its geopolitical consequences. Addressing criticism that most fentanyl entering the United States originates elsewhere, Vance said fentanyl is not the only drug fueling criminal networks and noted that Venezuela has been a source of fentanyl in the past.
Vance said cocaine trafficking from Venezuela is a key revenue source for Latin American cartels and argued that cutting those profits would weaken criminal networks, while also noting cocaine's harms are often underestimated. He added that fentanyl largely flows through Mexico, which remains a U.S. policy focus, pointing to President Donald Trump's day-one border shutdown.
Coming to the debate about energy, Vance said Venezuela's past seizure of U.S. oil assets helped enrich the regime and fund narcoterrorism, and questioned whether the U.S. should tolerate such actions.
“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?” wrote Vance.
Oil, Power And Pressure Shape US Stance
Vance’s comments come at when Venezuela is currently undergoing a significant political shift, with the U.S. showing a keen interest in its oil reserves and energy sector. Former U.S. envoy Richard Haass suggested that the Trump administration’s actions in Venezuela may be driven by a desire to secure access and profits from the country’s oil reserves.
Trump has also announced a major investment in Venezuela’s energy sector following the removal of Maduro. The U.S. is set to invest billions in the nation’s oil industry to restore its infrastructure and boost revenue generation.
However, Trump has also threatened further military action in Venezuela if the current administration does not cooperate with U.S. efforts to “fix” the country. He also warned of similar actions in Mexico and Colombia if they don’t stop trafficking drugs into the U.S.
Meanwhile, the U.S. oil and gas stocks with Venezuelan exposure remain in focus. Chevron (NYSE:CVX), the only major U.S. producer still operating in Venezuela under a special Treasury license, oilfield services firm Halliburton (NYSE:HAL) with its historical presence in the country, and Valero Energy (NYSE:VLO) with its complex refineries, are well-suited to process Venezuela's heavy crude.
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