Pour the oil and popcorn into a heavy deep pot. Place over medium heat; cover and shake, moving the pot constantly. Continue cooking the popcorn until the popping slows down, about 3-4 seconds between the pops. Pour into a medium size bowl.
Melt the butter in a small saucepot. Mix the smoked paprika, onion powder, garlic powder, salt and black pepper together in a small bowl.
Drizzle the butter over the popcorn and mix until the popcorn is coated. Sprinkle with the smoky paprika salt and enjoy.