In a large skillet, heat the olive oil and butter over medium heat.
Add the sliced onions and stir well to coat them in the oil and butter.
Sprinkle the sugar and salt over the onions, then reduce the heat to low and cook slowly, stirring occasionally, for about 30-40 minutes, or until the onions have turned a deep golden brown and are caramelized.
Once the onions are caramelized, remove them from heat and let them cool slightly.
In a mixing bowl, combine the sour cream, cream cheese, garlic powder, onion powder, and thyme. Mix until smooth and well blended.
Fold in the caramelized onions until evenly distributed throughout the dip.
Transfer the dip to a serving bowl and sprinkle with freshly chopped chives.
Serve with fresh veggies, crackers, or tortilla chips for dipping.
Notes
Serve with fresh veggies, crackers, or tortilla chips for dipping.