For steak: Melt butter & oil in an electric skillet set on about 350°F
Dredge cube steak in flour seasoned with salt & pepper mixture. (I have done it dipping it in egg first & didn't think it made that much difference).
Fry about 5 minutes on each side. (If you over cook it gets tough.) Move cooked steak to a small cookie sheet & place in a warmed oven.
For the gravy: Pour any butter and oil out of the skillet, being careful to not pour off the browned flour that are in the pan. Loosen the bits of browned flour from the pan with your spatula.
Turn the heat down to about 250°F and melt 4-8 Tbls of butter stirring the pan drippings into it. (The more butter you start with, the more gravy you'll have. My family likes LOTS of gravy!).
Once the butter has browned a bit add enough flour to absorb all the butter, mixing well. (You will use approximately the same amount of flour as butter.).
Start adding milk about 1/2 cup at a time while using a whisk to work it into the flour/butter mixture. After I have added about 2 cups of milk I start using water. Add liquid until the gravy is as thin as you like it. This takes a little time especially when you are first getting used to it. Add some liquid, mix, add liquid, mix --
Once the gravy is the right consistency add some salt & pepper until it is to your liking (I used quite a bit of salt actually).
Remove steak from oven & serve with mashed potatoes!
(Hint: have the rest if the meal done before you start the steak & gravy. Once you are into making the gravy you won't be able to do anything else because you have to stir it constantly so it doesn't stick or burn).