Melt butter and olive oil in medium saucepan over medium heat. Whisk in flour and cook stirring constantly for 2 minutes. Slowly whisk in chicken broth and whisk, cooking until thickened, about about 3 minutes. Whisk in spices. Remove from heat and stir in green chilies, and cheddar cheese until cheese is melted. Stir in sour cream, and add hot sauce to taste. Also add more salt to taste if needed.
Pour over your favorite burritos, or use as a hot dip for nacho chips.