Melt butter in a saucepan; add flour to create a roux.
Cook over medium until it's light brown in color; set aside.
In another pot, heat oil. Saute potatoes, onions, peppers over medium until tender (about 10 minutes).
Add clam juice to the potato/pepper mixture and bring to a boil.
Reduce heat and simmer for 10 minutes or until potatoes are cooked.
Add heavy cream, clams, spices and the roux.
Whisk well to blend in the roux.
Bring to a boil, then reduce heat and simmer for about 5 minutes, stirring occasionally.
Add more seasoning if desired.
Serve in bread bowls - ENJOY!