In a large pot or Dutch oven, heat olive oil over medium heat. Add chopped onions and shallots and sauté until translucent, about 3 minutes.
Add onion, cook 1 or 2 minutes. Add next nine ingredients, tomatoes through bay leaf, bring to a boil. Reduce heat and simmer on low for about 40-45 minutes.
Add clams and mussels, cover and cook on low for about 5 minutes or until shells begin to open. Add fish, shrimp and/or crab and cook an additional 5 minutes or until fish is cooked through and clams and mussels are opened. Discard any unopened mollusks.
Adjust seasoning, adding more more salt or red pepper if desired.
Add fresh chopped parsley and basil.
Serves 4. Can easily be doubled or tripled.