Generously grease a large baking sheet; set aside. Stir together the sugar, oil, and eggs in a large mixing bowl until the sugar dissolves. Combine flour and baking powder. Stir into egg mixture along with nuts, raisins, lemon peel, and almond extract (dough will be sticky). Form dough into two 12x3-inch logs on the prepared baking sheet.
Bake in a 350 degree F oven for 30 minutes. Remove logs from oven and bias-cut into 1-inch-thick slices. Arrange slices on baking sheet. Return to the oven and bake for 10 to 12 minutes more or until lightly browned. Transfer to wire racks to cool. Makes 24 to 28 slices.