In a large pot or Dutch Oven heat cooking oil and butter over medium heat. Add in bell pepper, onion, and jalapeno. Saute until just softened.
Add in chili powder and hot sauce, stir to combine.
Mix in garlic cloves, tomato paste, canned tomatoes or rotel, tomato juice and salsa.
Add in drained beans and corn, stir to combine. Simmer on low for 30 minutes. Stirring a few times.
Add water if mixture is too thick.
Garnish with green onions, cheese and sour cream if desired.