Over medium heat in a large saucepan, mix together all the wet ingredients and add the seasonings. Bring to a boil, reduce the heat to low, and simmer for at least 20 minutes. Stir occasionally to make sure nothing sticks and burns on the bottom of the saucepan.
The sauce will thicken as it cooks and cools. Brush onto meats the last ten minutes of grilling or for any other recipe where barbecue sauce is used.
Notes
I've thought other good additions might be coriander for a little lemony flavor; hot wing sauce or Tabasco for a little more heat; a little more vinegar for a tangier flavor, or a little lemon juice to lighten the sauce.