Heat oil in a large pot or saucepan over medium-high heat. Pour in the popcorn, cover, and shake a couple of times to coat the kernels with oil. When the corn starts to pop, shake pan continuously until popping stops. Pour popped corn into a large paper bag.
Combine the butter, corn syrup and red hot candies in a microwave safe bowl or saucepan. Heat, stirring occasionally until the candies have melted. Pour the hot syrup over the popped corn, and shake the bag for 1 minute, until completely coated. Cool, and serve.