Heat the oil in a large saucepan. Place one kernel of popcorn in the oil, and wait until it pops.
Once the kernel pops, place the rest of the popcorn kernels in the pot, cover and shake the pot for 1 minute.
Place the pot back on the stove, and continue to shake while the popcorn pops to prevent it from burning. Once the popping slows to about 1 pop every 2 to 3 seconds, remove from heat and continue to shake.
In a small bowl, mix together the butter and Tabasco. I usually use 8 drops, but you can add more or less, depending on your taste. Drizzle over the popcorn, and mix until fully coated.