New York Push Cart Onion Sauce

This is a great sauce for hot dogs!

2 onions, sliced 1/4-inch thick
2 tablespoons extra-virgin olive oil
1/4 cup ketchup
Pinch of cinnamon and chili powder
Dash of hot sauce and salt
1 cup water

Saut the onions for about 7 minutes. Add the ketchup, cinnamon, chili powder, salt and hot sauce. Add the water and bring to a boil. Lower the heat and simmer for at least 10 minutes. The longer it simmers, the thicker it gets.