In a skillet over medium heat, add a tablespoon of oil and sliced onions. Cook, stirring occasionally, until the onions are soft and caramelized, about 15-20 minutes.

In a mixing bowl, combine sour cream, mayonnaise, garlic powder, onion powder, salt, and black pepper. Mix well until smooth.

Fold in the caramelized onions until evenly distributed.

Transfer the dip to a serving bowl and garnish with chopped chives. Serve with chips, crackers, or vegetables.