In a large pan with a lid heat the oil and the salt, add the popcorn, cover and shake until it pops
remove from heat, remove lid
butter a large mixing bowl and pour the popcorn into it
while you're at it butter two baking sheets and two spatulas too
set the popcorn aside
make the caramel by combining the sugar, butter and water in a large pan, you will need a pan big enough to contain the foaming of the caramel after you add the baking soda, choose accordingly
place the pan over med/high heat and cook without stirring for 10 minutes until light golden brown
meanwhile combine the baking soda and the chile powder and set aside
attempt NOT to eat all the bacon pieces just waiting to be dipped in caramel
when the caramel is golden brown remove from the heat and add the baking soda/chili powder mixture, it will foam and bubble but just stir away
then pour it over the bowl of popcorn and sprinkle on the crispy bacon pieces
use the buttered spatulas to toss the popcorn to coat it
taste it before the caramel gets hard to see if it needs more salt, it will be molten lava hot so blow on a small piece to cool it
add salt as needed, stirring to mix in
pour into the buttered pans, breaking up as needed
cool completely and then use within 24 hours
store in the fridge