Pour the oil into a deep, heavy skilled over medium-high heat. Add the onion and green pepper then cook and stir for about 5 minutes. Add the garlic and continue to cook, stirring, until the vegetables are tender. Add the water and then stir in the tomato paste. Sprinkle the sauce with the basil, oregano, and parsley. Lower the heat and let simmer for about 5 minuts. Add the salt and pepper to taste. If desired, add 2 to 3 dashes of hot pepper sauce. Let simmer, stirring often, about 30 minutes or until the sauce if very thick. Makes about 3 cups of sauce. This is sufficient sauce for two 12 to 14-inch round pizza or 1 oblong pizza or 1 deep dish pizza.