Preheat oven to 350 degrees.
To make the cake: Mix the first four ingredients. Set aside. In another bowl, mix the oil and sugar. Add the eggs one at a time; mix well. Stir in the vanilla.
Add the dry ingredients to the egg mixture and combine until incorporated. Pour into a cake pan and bake 35 minutes, or until done.
Next, make the frosting: Mix the cream cheese and the butter; add the sugar and mix well. Add the vanilla and mix well. Chill in refrigerator while cake cools.
When the cake is cooled, spread the frosting on the top and sides of the cake and return to refrigerator to chill. Serve when chilled.