In a frying pan, heat olive oil and sauté onion until cooked.
Place the sauted onion into a large bowl and let cool for about 10 minutes. Put oats, spices, Tabasco, tomato sauce and eggs and mix thoroughly. Let it sit for about 10 minutes.
Add the lean ground beef and blend thoroughly. Shape the meat micture into two loaves and place on a boiler rack with slits and a bottom section to catch drippings. Bake the meatloaf for between 65 to 75 minutes. Use a thermometer to check internal temperature is no less than 160 degrees. Remove the loaves from the oven and set them aside for 10 minutes, then slice.
The two loaves serve about 10. Enjoy them with mashed potatoes and Brussels sprouts.