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Spray 2 large rimmed baking sheets with nonstick cooking spray.
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Heat the oil in a large heavy pot over medium-high heat until it is hot, but not smoking.
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Add the popcorn kernels and cover the pot.
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Using pot holders, shake the pot constantly over the heat as the kernels pop for about 5 minutes, or until the kernels stop popping.
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Immediately spread the popcorn out on the prepared baking sheets.
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Stir the sugar, salt, and 1/4 cup of water in a small heavy saucepan over low heat until the sugar dissolves, occasionally brushing down the sides of the pan with a wet pastry brush.
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Increase the heat and boil without stirring, occasionally brushing down the sides and swirling the pan until the syrup is a deep amber color - about 8 minutes.
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Working quickly, drizzle the hot caramel over the popcorn and toss with two wooden spoons to coat the popcorn lightly.
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Be careful not to get hot caramel on your skin.
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Allow the caramel corn to cool slightly and run for the sofa.