2 large white onions, thinly sliced (about 6 cups)
1/4 cup all-purpose flour
1 quart chicken stock or low-sodium broth
1 cup heavy cream
Salt and freshly ground black pepper
In a large saucepan, melt the butter in the olive oil. Add the sliced white onions and stir to coat. Cover and cook over moderate heat until the onions are very soft but not browned, 10 to 12 minutes. Stir in the flour and cook for about 2 minutes. Add the chicken stock and cook, whisking frequently, until the gravy is thickened, 7 to 8 minutes. Stir in the heavy cream and simmer the onion gravy over moderate heat for about 5 minutes.
Transfer the onion gravy to a blender and puree until smooth. Season with salt and black pepper. Return the onion gravy to the saucepan and simmer until it is reduced to 5 cups, about 5 minutes.
The onion gravy can be refrigerated for up to 4 days.