Combine the following in a Medium Saucepan over med heat.
2 cups water
3/4 cup light corn syrup
1/2 cup tomato paste
1/2 cup vinegar
3 tablespoons molasses
3 tablespoons brown sugar
1 teaspoon liquid smoke
1/2 teaspoon salt
1/4 teaspoon onion powder
1/4 teaspoon pepper
1/8 teaspoon paprika
1/8 teaspoon garlic powder

Continually whisk the mix until it comes to a boil & then reduce the heat to simmer. Cover it and allow it to cook for 40 -50 minutes, stirring occasionally. The sauce should be thick.

Refrigerate 24 hours before using. (Everything tastes better if you leave it overnight!)