In a large bowl, whisk together the flour, baking powder, salt and pepper. Place half of this mixture in a large, flat baking dish. Pour half of the buttermilk in a separate large baking dish. Dip each bacon strip first in the buttermilk, then in the seasoned flour. Set the bacon aside on a rack for a few minutes to allow the flour to absorb some of the buttermilk to form a good coating. For an extra crispy coating, dredge the bacon once more in just the flour mixture. Heat about 1 1/4 inches of vegetable oil in a large frying pan (or in a deep fryer) until a thermometer inserted reads 350 degrees F. Fry the bacon, a few strips at a time (don't crowd the pan or fryer), until the strips are golden brown on both sides, about 2 minutes per side. Drain the bacon on a rack. Continue until all of the bacon is fried. Allow the bacon to cool for a few minutes, then serve with the Cream Gravy.
Cream Gravy Put drippings or butter in a sauce pan over medium-high heat. Whisk in the flour until well blended; cook over medium heat for 2 to 3 minutes, until bubbly. Remove from heat and gradually add milk whisking constantly; return to heat and whisk until the gravy thickens; Whisk in the cream, salt and pepper.