Preheat oven to 325o F.
Grease and flour or spray 2 large bread pans 5" X 9" or one 10 inch tube pan.
Beat sugars and butter at medium speed with an electric mixer until blended.
Add oil and beat until blended.
Add eggs, one at a time, beating just until yellow disapears.
Combine flour, baking powder, and salt.
Add to butter mixture alternately with milk, beginning and ending with flour mixture; beating at low speed just until blended after each addition.
Stir in vanilla.
Pour batter into prepared pans.
Bake at 325o F for 1 hour to 1 hour and 20 minutes until toothpick inserted in center comes out clean.
Cool in pan on wire rack for 10 minutes; remove from pan, and cool on wire rack. Drizzle or cover with Caramel Frosting.
Makes 2 loaves.