In a large skillet, heat vegetable oil over medium-high heat. Add ground beef and cook, breaking it apart with a spoon, until browned.
Drain off any excess grease from the skillet.
Sprinkle flour over the cooked ground beef and stir to coat. Cook for 1 minute, stirring constantly.
Gradually pour in beef broth, stirring constantly to avoid lumps. Bring to a simmer.
Stir in onion powder, garlic powder, salt, and pepper. Reduce heat to low and simmer for 15-20 minutes, or until the gravy has thickened to your desired consistency.
Serve hot over biscuits, mashed potatoes, or toast.
Notes
For a richer flavor, you can add a tablespoon of Worcestershire sauce to the gravy during the last few minutes of cooking.