Pan Fried Onion Dip

This is my absolute favorite Onion Dip. Definitely not a first date appetizer!

2 large yellow Onions
4 Tablespoons unsalted butter
¼ cup vegetable oil
¼ teaspoon ground cayenne pepper
1 teaspoon kosher salt
½ teaspoon freshly ground pepper
4 oz. Cream cheese room temperature
½ cup sour cream
½ cup good mayonnaise

Cut the onions in half, and then slice them into 1/8 inch thick half-rounds. ( You will have about 3 cups of onions.)
    Heat the butter and oil in a large sauté pan on medium heat.  Add the onions, cayenne, salt, and pepper and sauté for 10 minutes. Reduce the heat to medium-low and cook, stirring occasionally, for 20 more minutes, until the onions are browned and caramelized. Allow the onions to cool.
    Place the cream cheese, sour cream, and mayonnaise in the bowl of an electric mixers fitted with a paddle attachment and beat until smooth. Add the onions and mix well. Taste for seasonings.
    Serve at room temperature with potato chips. I recommend the Salt and Pepper Kettle Chips.
The Barefoot Contessa Cookbook- Ina Garten p. 53