Steps:
- In a medium saucepan, heat the oil over low heat. Add the shallot, garlic, chili powders, cumin, thyme, and red pepper flakes. Cover, and cook, stirring a few times, for about 10-12 minutes. The object is to sweat, not saute the shallots. Stir in the Coke, ketchup, lime juice, molasses, honey, Dijon mustard, and Balsamic vinegar, and bring to a simmer. Cook the sauce, uncovered, for about 15 minutes. Stir the sauce occasionally. Cook the sauce longer for more reduction, if you'd like a thicker sauce. Cool the sauce to room temperature before using. This will keep for about five days under refrigeration and covered.
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