Heat oil in large skillet over medium high heat for 1 minute. Add onion; cook and stir 8-10 minutes or until onion begins to brown. Add garlic; cook 2 minutes longer or until onion is golden. Add water, tomato paste, sugar, vinegar, molasses, Worcestershire sauce, jalpeno pepper sauce, chili powder, cumin and ground red pepper. Stir with wire whisk until well blended. Reduce heat to medium low and simmer for 15 minutes, stirring occasionally. Cover and remove from heat. Cool 30 minutes.
Spoon into 4 labeled 12 oz containers. Store in the refrigerator for up to 3 weeks.