Heat oven to 250°F. Melt 2 Tablespoons unsalted butter in a large bowl in the microwave in 30 second intervals. Once melted, whisk in 1 Tablespoon canola oil and 3-5 shakes Tabasco sauce until mixed.
Add 12 ounces (1 bag) butter braid pretzels to the butter mixture and toss until all the pretzels are coated evenly. Sprinkle 2 Tablespoons homemade or packaged ranch dressing mix over the pretzels, and toss again until the ranch mix is evenly distributed.
Spread the pretzels on a baking sheet, and bake until the pretzels are dry to the touch, about 10 minutes, stirring once during the cooking time. Cool for 5 minutes before serving, or cool completely and store in an airtight container at room temperature for up to 3 days.