Heat oil in a large skillet over medium heat.
Once hot, add in beef, onion, and pepper.
Cook, breaking up the beef as you go, until the beef is cooked and veggies are soft, about 10 minutes.
While the meat mixture is cooking, whisk together the remaining ingredients for the sauce: ketchup, tomato paste, brown sugar, Worcestershire, vinegar, mustard, hot sauce, garlic powder, and salt.
Stir the sauce into the cooked beef/veggie mixture and bring to a simmer.
Reduce heat to keep at a simmer for about 3-5 minutes or until sauce has thickened slightly.
Taste and re-season if necessary.
Enjoy on toasted buns!