In a large skillet heat olive oil and butter over low heat until butter is melted. Add onions to the pan and stir until onions begin the tenderize. Sprinkle onions with sugar and allow to cook over low heat stirring every few minutes until onions have reached a rich caramel color. This will take 30-40 minutes. Remove onions from heat and allow to cool.
In a medium sized bowl mix together cream cheese and sour cream until smooth. Season with onion powder, garlic powder, chives, salt and pepper. Finally stir in onions and serve!
Serve with potato chips and fresh veggies. Can be stored in refrigerator for up to 5 days.