Preheat oven to 200 degrees.

Heat oil and corn kernels in a dutch oven or heavy bottomed pot over medium heat.

Stir a few times so that the oil coats all the kernels and cover. Leave the lid slightly ajar so the steam can escape.

The corn should start popping in about 3 to 5 minutes. Turn off the heat as soon as the popping slows. Leave the lid on for a few more minutes because the corn will continue to pop.

Transfer the popped corn into a large mixing bowl. Be sure to remove the unpopped kernels.

In a medium saucepan, heat 2 cups sugar with 1/2 cup water on medium heat. Do NOT stir.

While the sugar is boiling, mix the baking soda, 2 tsp of salt and 1/4 tsp of chili powder in a small bowl. Set aside.

When the sugar turns a light brown color, add the butter and stir. It will foam up. Just stir through that.

Add the balsamic vinegar. Stir.

Add the baking soda, salt and chili mixture. The sugar will foam up again. Stir quickly and pour over the popped corn. Quickly coat the popped corn with the caramel as evenly as possible.

Mix the remaining 1/2 tsp of salt and 1/4 tsp of chili powder and sprinkle evenly over the caramel corn.

Transfer the mixture to a parchment lined baking sheet and stick in the oven for about 20 minutes.

Let the mixture cool and serve.