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Heat oil in medium nonstick skillet over medium-high heat.
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Add onion; cook, stirring frequently, for 3 to 5 minutes, or until onion is translucent.
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Add garlic; cook, stirring frequently, for 1 minute.
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Add chili powder, paprika, salt, pepper, and cayenne pepper; cook, stirring frequently, for 1 minute.
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Add ketchup, honey, vinegar, mustard, Worcestershire sauce, and liquid smoke (if desired); cook over low heat, stirring occasionally, for 30 minutes.