Spray a 15x10x1-inch baking pan with nonstick spray coating; set aside. In a medium saucepan combine granulated sugar, water, and corn syrup. Cook and stir over medium-high heat until mixture boil, stirring to dissolve the sugar (about 5 minutes). Clip a candy thermometer to side of pan. Reduce heat to medium, continue boiling at a moderate, steady rate, stirring occasionally, until thermometer registers 290 degree F, soft crack stage (20 to 25 minutes).
Remove saucepan from heat; remove thermometer. Quickly stir in oil and food coloring. Immediately pour mixture into the prepared pan. Let stand until completely cooled. Break the candy into small shards by tapping the baking sheet on the counter, or tap surface with a wooden spoon. Sprinkle with powdered sugar, if desired. Makes 1-1/2 pounds.