Place finely minced garlic, scallions, hot sauce, salt, vinegar, lime juice, serrano/jalapeño pepper and shallot in a non-reactive bowl for 10 or so minutes while you mince the herbs.
Stir in herbs until mixed well, then pour olive oil over the top. You want the olive oil to slightly cover the mixture, if it doesn't, add a little more oil.
Let sit in the refrigerator for an hour to set before serving.
Take out of the refrigerator and allow it to get to room temperature before serving (15 to 20 mins.)