Melt 1 1/2 tablespoons butter in a skillet over medium heat. Add onion; cook and stir until translucent, about 5 minutes.
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Add remaining 1 1/2 tablespoons butter and let melt. Whisk in flour to form a thick paste the consistency of cake frosting.
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Continue cooking, whisking constantly, until flour has turned golden and begins to smell like toast, about 20 minutes.
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Whisk in water and both bouillons until no lumps remain. Stir in pepper and bring mixture to a boil.
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Cook and stir until thickened to gravy consistency, 8 to 10 minutes.
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