4 tbs (or half stick) butter
1-2 tbs oil (vegetable, bacon, sausage)
4-5 tbs flour
2 c milk
1/4 c water
salt & pepper to taste
Melt butter and oil in saucepan, sprinkle in flour and whisk until mixed. While whisking let cook a couple seconds before adding milk. This will eliminate in "flour" taste in the gravy. Next slowly add in milk and water whisking all the while. Keep adding milk/water until thoroughly mixed. Add salt and pepper. Take off heat when almost to the thickness you want.
*Gravy will thicken up as it sits off heat. Taking it off the heat a bit early will keep it from getting too thick.
This gravy works well over biscuits, mashed potatoes, fried potatoes, hash browns, chicken fried steak, etc.