Heat oil in a small saucepan over medium-high heat.
Add flour and stir together and cook for one minute.
Stir in the chili powder, garlic powder, salt, cumin, and oregano.
Gradually add in the stock, whisking constantly to remove lumps. Reduce heat and simmer 10-15 minutes until thick.
Use immediately or refrigerate in an air-tight container for up to two weeks. This also freezes very well so I like to make a double batch and freeze half for later use.
Video
Notes
If you are wary about heat/spice in your sauce, I would begin with 2 tablespoons chili powder and add more once the sauce has reached a simmer if you'd like. Be sure to use chili powder for this recipe, not cayenne. Traditional American chili powder is fairly mild, and should not be overly spicy.