Heat 1/4 cup of the olive oil (or 2 tablespoons olive oil and 2 tablespoons garlic oil) in a heavy saucepan over medium-high heat until hot. Add the bell pepper and sauti until brown, about 7 minutes. Add the remaining 1 tablespoon olive oil, if necessary, and the garlic, and cook briefly until light brown. Add the onion and a pinch of salt (if the pan is dry and the ingredients look as if they might burn, adding salt will release the liquid in the onions), and cook until brown, about 5 minutes. Add the tomato paste and stir to mix well.

Add the tomatoes and their juice, the stock, and bay leaf. Bring to a boil, reduce the heat to low, and simmer the sauce until thick, about 25 minutes. Be sure to stir often to prevent scorching. Add the butter, oregano, parsley, and basil and stir well. Adjust the seasoning with salt and pepper. Use immediately, or let cool, cover, and refrigerate for several days, or freeze for up to 1 month.