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.
Add the peanuts and chopped pretzels. Melt the butter in a small pot. In a small bowl, mix the beer powder, cayenne pepper and salt.
Drizzle the butter over the popcorn and sprinkle with the beer powder mix. Toss to combine and enjoy!