1. Drain oysters. Blot oysters dry on paper toweling.
2. Place flour and cracker crumbs on separate sheets of wax paper. Beat eggs slightly in small bowl.
3. Dredge oysters in flour; dip into egg, then in crumbs, pressing crumbs to adhere. Place on wax-paper-lined baking sheet.
4. Heat 2 tablespoons butter and 1 tablespoon oil in large, heavy skillet over medium-high heat just until butter is melted. Add a third of the oysters, and saute for 2 minutes until golden brown. Turn over, and saute for another 2 minutes. Remove to a paper-towel-lined tray. Empty skillet and wipe clean. Repeat frying in 2 batches with the remaining oysters. Makes 8 servings.