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Put the butter and a couple tablespoons of olive oil in a large stock pot. Heat until butter is melted, and add all the onions. Saute on medium-high heat for about 10 minutes, until the onions have softened.
Reduce heat to medium-low and let the onions cook down for between 45 and 90 minutes, stirring occasionally. You want the onions to turn a golden brown color, but make sure they do not burn. Once they are nearly done, add in the minced garlic and cook a couple more minutes.
Add the salt, pepper, and beef broth. Turn heat up until everything reaches a low boil, and then reduce heat. Cover and cook on a low simmer for 1 hour, stirring occasionally.
When the simmer is almost done, preheat oven to 400 degrees. Slice the baguette into slices about 1/2 inch thick. Brush each side of the slices with olive oil, and bake on a cookie sheet for about 4 minutes on each side (until the slices are golden brown and toasted).
Place 2 slices of the toasted baguette into a soup crock, ramekin, or other oven-safe bowl. Ladle the soup over top until the bowl is nearly full, and then sprinkle a generous amount of the shredded cheese over top. Place bowl on a cookie sheet and broil for a couple minutes (until cheese is melted and golden brown).