1. Peel onions and slice into medium strips vertically.
2. Place onion slices in a large skillet along with the olive oil and sauté on medium-low heat, stirring occasionally until onions are well caramelized (30-40 minutes). Remove from heat and let cool slightly.
3. Pour caramelized onions into a food processor and pulse a few times to chop the onions into a chunky texture. Pour chopped onion mixture into a large mixing bowl.
4. Add mayonnaise, sour cream, onion powder and Worcestershire sauce into the mixing bowl with the onions. Stir to combine. Season to taste with salt and pepper.
5. Chill onion dip mixture for several hours before serving. Serve with your favorite potato chips.

Optional Crispy Shallot Garnish:

1. If desired, make a crispy shallot garnish as follows: Peel and slice a shallot into thin, small rings. Heat olive oil in a small pan over medium low heat. Sauté shallot slices – stirring frequently and reducing heat if needed – until shallots are golden and crispy.
2. Remove from heat and drain on a paper towel to remove any excess oil and cool. Sprinkle shallots on top of the prepared Caramelized Onion Dip before serving.