Creating Caramelized Onion Dip is straightforward when you follow these simple steps:

1. Heat the Pan: In a large skillet, heat the olive oil and butter over medium heat.
2. Add Onions: Once hot, add the thinly sliced onions to the pan.
3. Season: Sprinkle the salt and sugar over the onions. The sugar helps the onions caramelize faster.
4. Cook: Stir occasionally, cooking the onions for about 20-25 minutes until they are golden brown and caramelized.
5. Prepare the Base: In a mixing bowl, combine the sour cream, softened cream cheese, Worcestershire sauce, and garlic powder. Mix until smooth.
6. Add Cheese: Fold in the grated cheese into the sour cream mixture.
7. Combine: Once the onions are caramelized, let them cool slightly, then fold them into the cheese mixture.
8. Chill: Cover the dip and refrigerate for at least 30 minutes to allow the flavors to meld.
9. Serve: Before serving, stir the dip and garnish with fresh herbs if desired.

These steps will guide you in creating an incredible Caramelized Onion Dip that will be the star of your appetizer table!