Preheat your oven to 350°F (177°C).
Grease and line a 9x2-inch round cake pan with some parchment paper.
In a mixer, cream together butter and sugar until fluffy.
Gradually add oil with the mixer on low.
Add eggs one at a time, followed by vanilla. Mix until combined.
In a separate bowl, whisk dry ingredients together.
Gradually add dry ingredients to the wet mix in thirds, mixing just until combined.
Incorporate hot water into the batter, then pour it into your prepared pan.
Bake for 30-40 minutes.
Allow to cool in the pan on a rack for 20 minutes, then remove and cool completely.