Finally some good news!
No matter the cause, Velvetta disappearance is good news.
Want cheese? Just keep the cheese and vasoline separated.
Velveeta:
Milk, water, milkfat, whey, milk protein concentrate, whey protein concentrate, sodium phosphate; contains less than 2% of: salt, calcium phosphate, lactic acid, sorbic acid as a preservative, sodium alginate, sodium citrate, enzymes, apocarotenal (color), annatto (color), and cheese culture.