Add 1 tablespoon of the oil to a 4 quart saucepan, and heat over high heat. When oil is hot, add 1/2 cup of popping corn. Keep pan moving constantly. When corn stops popping, remove from heat. Repeat until all corn has been popped. Place popped corn into a buttered bowl.
In 2 quart saucepan, melt butter. Stir in sugar, molasses, and salt. Insert a candy thermometer in saucepan and boil sugar mixture on medium heat until the thermometer reads 260 degrees F(126 degrees C).
Pour syrup over corn, while stirring popcorn thoroughly. Butter hands lightly. Shape popcorn into 12 to 14 balls.