In a large skillet, melt the butter and olive oil over medium heat. Add the chopped onions and cook for 15-20 minutes until deeply golden and soft.

Transfer the caramelized onions to a bowl and let them cool to room temperature.

In a mixing bowl, combine the sour cream, garlic powder, onion powder, Worcestershire sauce, salt, and pepper. Mix until smooth.

Gently fold the cooled onions into the sour cream mixture using a spatula.

Cover and chill in the refrigerator for at least 1 hour.

Before serving, stir the dip and garnish with fresh chives. Serve with chips, veggies, or crackers.