Prepare the popcorn

1. Heat oil in a large pot over medium heat.
2. To make sure oil is hot enough, drop in one corn kernel.
3. When it pops, pour the rest of the kernels into the pot; cover pot.
4. Keeping the cover on, shake the pot to help popcorn pop evenly and prevent burning.
5. When the popping sound slows, remove pot from heat.
6. Pour the popcorn into a large, greased, heatproof bowl.

Prepare the caramel

1. In a medium pot, melt butter over medium-high heat.
2. Add sugar, water, and salt.
3. Stir until sugar has dissolved.
4. Cook mixture over medium-high heat, without stirring, for 15-20 minutes, until it begins to brown around the edges.
5. Meanwhile, measure baking soda, grease two heatproof spatulas or spoons, and line a baking sheet with parchment paper.
6. Coat parchment with nonstick cooking spray.
7. Time is of the essence in the next step so have everything handy and be ready to work quickly.
8. Once sugar mixture begins to brown around the edges, remove pot from heat; add baking soda.
9. Whisk for about 10 seconds.
10. Mixture will bubble vigorously and thicken.
11. Quickly pour sugar mixture over popcorn and toss with the two prepared spatulas until all popcorn is evenly coated.
12. Pour popcorn onto prepared baking tray and set aside to cool.
13. Once cooled, break into chunks and enjoy!