In a sauce pan over medium heat, heat olive oil until very hot. Add onions and garlic and sauté until vegetables are wilted. Add wine and bring to a rolling boil. Immediately add tomatoes, squeezing them between your fingers to break them up as you add them. Add tomato juice. Lower the heat and simmer the sauce. After about 30 minutes, add water (1 cup or less), if necessary, to give the sauce the right consistency. You want the sauce thin enough to be able to easily coat pasta or meat loaf, yet not so thin that it runs off. Add salt, pepper, oregano, basil, parsley and bay leaf. Simmer sauce another 15-20 minutes. Adjust seasonings as needed.