Step 1: Heat oil in a large saucepan over high heat.
Step 2: Add onions, peppers and garlic.
Step 3: Reduce heat to medium-high and saute until golden, about 10 minutes.
Step 4: Add remaining ingredients and bring to a boil.
Step 5: Reduce heat to medium, cover, and simmer gently until thickened, about 45 minutes.
Step 6: Working in batches, transfer to a food processor or blender and puree until smooth.
Step 7: This will keep in the refrigerator, tightly covered, for up to 1 week, or in the freezer for 3 months.
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