Add 1/4 cup of bacon drippings to a 12-inch skillet and heat over medium heat.
When the drippings shimmer, add the potatoes (2 to 2 ½ pounds), onion (1 cup), and red pepper (½ cup). Add the salt (1 ½ teaspoon), black pepper (1 teaspoon), and garlic powder (1 teaspoon) and toss to evenly coat.
Over medium heat, cover the skillet tightly, and cook undisturbed for 10 minutes.
Remove the lid and turn the vegetables. Add more bacon drippings or vegetable oil (I generally add another 1/4 cup at this time). Continue to cook for another 10-12 minutes. Flip the potatoes and continue to cook until most of the potatoes are golden brown, and all are fork tender. Adjust seasoning, as needed, sprinkle with chopped thyme (1 teaspoon), and serve.