Heat oil in a saucepan and whisk in flour to make a roux.
Add chili powder and spices and stir briefly.
Slowly whisk in chicken broth and tomato paste.
Simmer until slightly thickened.
Cool slightly before using or storing.
Notes
Whisk constantly to prevent lumps Adjust chili powder for desired spice level Store leftovers in the refrigerator Use vegetable broth for the vegetarian version