Rich and buttery, deeply flavorful and so creamy, this dip is perfect with the salty crunch of a potato chip. It’s like your Grandmother's sour cream and soup mix onion dip – but better. And while it takes a few more minutes to make than the packaged dump and stir, it’s really so simple. Just cook the onions until wonderfully golden, and then whip them into a creamy base of mayonnaise, cream cheese and sour cream.
Peel the onion and cut in half. Slice the onion into very thin half-moon slices. Heat the butter and oil over medium heat in a large skillet. Add the onion and saute about 10 minutes, stirring every so often. Add the paprika, salt and pepper. Reduce the heat to low and cook 10 minutes more. Remove from the heat and cool.
Meanwhile, beat the cream cheese, mayonnaise, and sour cream together with an electric mixer. Stir in the onions. Refrigerate for at least 30 minutes and up to two days. Serve with potato chips for dipping.