2 cups water
3/4 cup light corn syrup
1/2 cup tomato paste
1/2 cup distilled white vinegar
3 Tbls. molasses
3 Tbls. packed brown sugar
1 tsp. liquid smoke OR 1/2 tsp. hickory smoke powder
1/2 tsp. salt
1/4 tsp. onion powder
1/4 tsp. black pepper
1/8 tsp. paprika
1/8 tsp. garlic powder
Bring all ingredients to a boil in a saucepan over medium-high heat, stirring constantly.
Reduce heat and simmer, stirring occasionally, for 45-60 minutes, or until thickened.
Remove from heat and allow to cool.
Pour into a sealable container, cover, and keep refrigerated.