1. In a medium saucepan, heat on medium low for a few minutes then add olive oil to coat pan. Add butter & start to melt butter. When butter is almost melted, sprinkling flour evenly & immedialy start to mix to create a roux paste. You may need to lower heat if the roux is browning too quick. Continue to whisk till well incorporated.
2. Add half & half slowly while you continue to wisk, making sure the mixture is not becoming lumpy. Cook on medium-low heat for 3-5 minutes. Add cheddar & cream cheese & continue to wisk. Add spices, salt & pepper to taste & remove from heat once cheese has melted & sauce is thick & velvety
3. In a large bowl combine thawed rice cakes, hot dogs, carrots & peas until well combined. Pour cheese mixture & combine well. Pour into a greased 8x8 baking pan. Top with remaining cheese & lightly cover with foil. Bake in preheated oven at 350 for 30 mins. Remove foil & bake for another 15 mins or until golden brown. Let stand for 10 minutes before serving.