Remove cream cheese and sour cream from refrigerator and let come up room temperature.
In a cast iron or stainless steel pan, cook onions in oil until caramelized, about 15 to 20 minutes. Let cool.
In a large bowl, whisk together cream cheese and sour cream until smooth. Add Lipton's soup mix, chives, garlic powder and 1/2 tsp each salt and pepper. Fold in caramelized onions. Adjust salt to taste.
Let chill for one hour or preferably overnight. This helps the flavors meld and become more pronounced. Serve with chips or sliced veggies.