In a large sauté pan, heat the butter and oil over medium heat and place onion slices.
To caramelize, reduce the heat to low, toss onions in butter/oil and stir every 10 minutes, until onions become soft and dark brown. This will take about 45 minutes to an hour. You can do this step the day before to save time!
In another saucepan, add the chopped bacon and cook until crisp. Remove from pan but leave the bacon fat in the pan. Add the flour and make a roux, cook for 3 minutes.
Add the Hood Half & Half and whisk until thickened slightly. Add cheese, nutmeg, and season with salt and pepper. Fold in the caramelized onions and crisp bacon, reserving some for topping.
Pour dip into oven safe dish, sprinkle with reserved onions and bacon. Can be served immediately, but if reheating, place in oven for 15-20 minutes until bubbly, serve sprinkled with parsley and crispy bread.