Combine flour and baking powder and salt. In a separate bowl, combine the oil, sugar, and 1 teaspoon vanilla extract. Add the eggs to the sugar mixture one at a time until well combined. Stir in the 1/2 cup of milk, then gently fold in the flour mixture a little at a time.
Pour batter into a lightly greased cake pan or baking dish and bake at 325 degrees for 30-40 minutes or until it feels firm and an inserted toothpick comes out clean.
Let the cake cool until it feels room temperature. Turn it over onto a platter with raised edges. Pierce cake with a fork 20-30 times. Let it cool in the refrigerator for an additional 30 minutes.