Melt the oil and butter together in a saucepan over low heat. With a wire whisk, blend in flour, salt and pepper, being careful not to scorch flour. Cook gently for a few minutes until blended. Add milk all at once, stirring constantly. Continue to cook until sauce is thickened and smooth, about 4 minutes. Add the nutmeg. Pour sauce into a bowl and whip it for a moment or two to cool and to give it more body. Cover with plastic wrap and let cool 10 minutes before serving.
Per Serving: 229 Calories (65.3% from fat); 17g Fat (7g Sat, 8g Mono, 1g Poly); 5g Protein; 15g Carbohydrate; trace Dietary Fiber; 32mg Cholesterol; 194mg Sodium. Food Exchanges: 1/2 Grain (Starch); 1/2 Non-Fat Milk; 3 Fat.