In large bowl, blend oil and sugars on low until well mixed. Add vanilla. Beat in eggs, one at a time, blending well after each addition. Stir together dry ingredients and add to egg mixture until well blended. Stir in walnuts and carrots by hand. Pour batter into well greased and floured 10" tube pan or fluted pan. Bake at 350°F for 50-60 minutes. Cool in pan, then top with powdered sugar or frosting of your choice.