Heat oil in a saucepan over medium heat. Sprinkle flour over oil and whisk until smooth. Cook one minute, stirring constantly. Stir in chili powder and cook for another 30 seconds.
Whisk in tomato paste, broth, and remaining seasonings. Bring to a boil, then reduce heat and simmer for 15 minutes. Taste and adjust seasonings if you'd like, then it's ready to go!