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Bring a large pot of water to boil and cook the spaghetti according to the package directions, minus 3 minutes for al dente.
Meanwhile, in a large heavy-bottomed pan with high sides, melt the butter and olive oil over medium-low heat.
Add the shallots and sauté for 2-3 minutes, until they soften.
Add the wine and gently boil until wine is reduced by half.
Add the cream and gently boil until the cream thickens. It should take about 5-8 minutes.
When the pasta is done, reserve 1 cup of pasta water, then drain pasta and put it back in the same pot you cooked it. Drizzle generously with olive oil, toss to coat.
When the cream coats the back of a wooden spoon, stir in 1/4 cup of pasta water. The pasta water will lighten the sauce and thin it slightly.
Remove pan from heat, stir in lemon zest and lemon juice. Stir and then add the pasta. Use tongs to toss pasta in the lemon cream sauce until the pasta is thoroughly coated with the sauce.
Serve in bowls, garnished with parsley and Parmesan.