In a 5 quart dutch oven, melt butter with the olive oil.
Add garlic and shallot and sauté until onion becomes translucent.
Add seafood broth or clam juice, white wine, bay leaf, saffron, plus salt and pepper to taste.
Bring liquid to a boil and cook for 5 minutes.
Lower to medium and keep broth at a strong simmer.
Add the clams, mussels, and lobster and cook for 4 minutes.
Add shrimp and cook an additional 4 minutes until clams and mussels have opened and shrimp are pink and opaque and the lobster shell is red meat tender. Adjust lobster cooking time depending on size - the rule of thumb is 1 minute per ounce.
Serve with crusty bread for soaking up the sauce or serve over rice.