Add butter and olive oil to medium-sized sauce pot and set over medium-high heat.
Add shallots and garlic to pan and lightly sauté for about 30-40 seconds, or until fragrant.
Whisk in flour until a blond roux forms, continuously whisking for about 1 minute.
Add beef broth and bring to a boil, continuously whisking until thickened and achieves a sauce-like consistency.
Reduce to a simmer for 2 minutes, then whisk in parsley and season to taste with salt and freshly ground black pepper.
Serve gravy warm with Omaha Steaks Grilled Prime Rib Roast.