Simmer onions and garlic with oil in a large heavy-bottom sauce pan over medium heat until onions are transparent, 3 minutes. Stir in chili powder, paprika, pepper and salt; simmer 5 minutes.
Stir in ketchup, water, molasses, vinegar, mustard and Worcestershire; simmer 3 more minutes.
For a smooth consistency, puree with an immersion blender (optional). Transfer to an airtight container and store refrigerated, up to 2 weeks.
Serve with your favorite Certified Angus Beef ® smoked cut, like brisket or back ribs.