In a large heavy saucepan, combine sugar, corn syrup and water. Cook on medium-high heat until candy thermometer reads 300° (hard-crack stage), stirring occasionally. Remove from the heat; stir in oil and food coloring, keeping face away from mixture as odor is very strong.
Immediately pour onto an oiled baking sheet. Cool; break into pieces. Store in airtight containers. Yield: about 2 pounds.