Cook and stir onion, garlic, and vegetable oil in a skillet over medium heat until onions are softened, about 5 minutes. Stir rice into onion mixture and cook, stirring often, until rice becomes slightly opaque, 1 to 2 minutes. Stir chicken broth, vegetable juice, and taco seasoning into rice mixture and bring to a boil. Cover and simmer over low heat until rice has absorbed most of the liquid, about 5 minutes.
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