Separate eggs. Allow egg whites and yolks to stand at room temperature for 30 minutes. Meanwhile, in a large mixing bowl combine flour, sugar, baking powder, and salt. Make a well in the center of flour mixture. Add oil, egg yolks, orange and lemon peels, vanilla, and 3/4 cup cold water. Beat with an electric mixer on low speed until combined. Beat on high speed for 5 minutes more or until satin smooth.
Bake in a 325 degree F oven for 65 to 70 minutes or until top springs back when lightly touched. Immediately invert cake (leave in pan); cool thoroughly. Loosen sides of cake from pan; remove cake. Makes 12 servings.