Place the oil in a pan over medium-high heat. Add the onion and sauté for three minutes. Add the bell pepper and cook for another two minutes.
Add the beans, water, tomato paste, molasses, chili powder, salt, pepper and cumin and stir. Cook on medium high for about 5 minutes.
Reduce the heat and simmer on low for about 45 minutes or until the sauce thickens. Stir them occasionally while they are simmering.
Serve.
