Recipe courtesy of Southern Living, 1998

1 cup firmly packed dark brown sugar
1 cup firmly packed light brown sugar
1 cup sugar
1 cup butter or margarine, softened
1/2 cup vegetable oil
5 large eggs
3 cups all-purpose flour
1/2 teaspoon baking powder
1/2 teaspoon salt
1 cup milk
1/2 teaspoon vanilla extract
Caramel Frosting

Beat sugars and butter at medium speed with an electric mixer until blended. Add oil, and beat until blended. Add eggs, 1 at a time, beating just until yellow disappears.

Combine flour, baking powder, and salt; add to butter mixture alternately with milk, beginning and ending with flour mixture. Beat at low speed just until blended after each addition. Stir in vanilla extract. Pour batter into a greased and floured 10-inch tube pan.

Bake at 325° for 1 hour and 20 minutes or until a wooden pick inserted in center comes out clean. Cool in pan on wire rack 10 minutes; remove from pan, and cool on wire rack. Drizzle with Caramel Frosting.

Caramel Frosting:
1 (16-ounce) package light brown sugar
1/2 cup butter or margarine
1 (5-ounce) can evaporated milk
Dash of salt
1/2 teaspoon baking powder
1/2 teaspoon vanilla extract

Bring first 4 ingredients to a boil in a medium saucepan, stirring often. Boil, stirring constantly, 3 minutes. Remove from heat; add baking powder and vanilla. Beat at medium speed with an electric mixer 5 to 7 minutes or until thickened. Drizzle quickly over cake.