Steps:
- Heat olive oil in a medium heavy-bottomed pot over medium-high until hot but not smoking. Cook sliced onions, stirring occasionally, until soft and golden, about 15 minutes. Cover; reduce heat to low. Cook, stirring occasionally, until browned and caramelized, about 40 minutes. Raise heat to medium, and season onions with salt. Stir in vinegar; simmer until mixture is dry. Stir in thyme; remove from heat. Let cool slightly, then coarsely chop onions. Meanwhile, cook bacon in a small skillet, stirring occasionally, until fat has been rendered. Using a slotted spoon, transfer bacon to paper towels to drain. Beat cream cheese in a bowl until smooth. Fold in sour cream and caramelized onions; season with salt and pepper. Refrigerate, covered, at least 1 hour. Heat ¼ inch safflower oil in a small sauté pan over medium until shimmering. Working in 3 batches, fry shallots, stirring occasionally, until golden brown, about 2 minutes. Use a slotted spoon to transfer to paper towels to drain; season with salt. Garnish dip with shallots and serve.
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