K.C. Masterpiece Original BBQ Sauce (copycat)

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

Combine all ingredients in a medium saucepan over high heat and whisk until smooth.

Bring mixture to a boil, then reduce heat and simmer for 45 to 60 minutes or until mixture is thick.

Cool, then store in a covered container in the refrigerator overnight so that flavors can develop.