To make the popcorn place the oil and one kernel of corn in a large skillet/pot over high heat. Once the kernel pops, add the remaining kernels and cover. Reduce the heat to medium and let the kernels pop until you can count to 3 (Mississippi) between pops. Remove from heat and pour into large bowl, removing any un-popped kernels.

Preheat oven to 350 degrees.

To make the caramel sauce, place a small pot over medium heat and add the butter, brown sugar, cayenne, chili powder, sea salt, and corn syrup. Cook until it just begins to bubble on the sides. Remove the pot from the heat and whisk in the baking soda.

Slowly pour the caramel sauce over the popcorn while gently stirring. Stir until the popcorn is well coated with the sauce.

Line a large baking sheet with foil and spray with non-stick cooking spray. Spread the caramel corn on the baking sheet and bake in the over for about 10 minutes (stirring halfway through), until the caramel just begins to darken.

Remove from oven and let cool. Break up any clusters and serve.