Pour oil into a large saucepan and set over medium-high heat. Toss in the onions, green peppers, and jalapenos and give them a stir. Season with a pinch of salt and pepper and cook til soft and golden.
Add garlic and cook for 1 more minute. Dump in everything else except the Liquid Smoke.
Bring to a boil, then lower the heat so the sauce simmers, 10 minutes.
Swirl in Liquid Smoke and let the sauce cool.
Pour into a container, cover, and store in refrigerator til ready to use.
Variation: Hot BBQ Sauce.
Add 2 or 3 seeded and minced habanero peppers (about 1 1/2 tsp to 1 tbsp) along witht he onions and pepers. Also add 1/2 tsp cayenne pepper along witht the other ingredients for extra punch.