Grease and flour a 9x5x3-inch or an 8x4x2-inch loaf pan; set pan aside.
In a large bowl, combine the cooking oil, granulated sugar, eggs, and vanilla; beat mixture well by hand.
Stir together the flour, baking soda, cinnamon, and salt. Add flour mixture to the egg mixture and stir until combined.
Stir in carrots and walnuts; mix until combined. Pour batter into prepared pan.
Bake in a 350 degree F oven about 1 hour or until a toothpick inserted near the center comes out clean. Cool for 10 minutes on a wire rack. Remove bread from pan and cool completely on a wire rack.
Drizzle Lemon Glaze over cooled bread. Sprinkle with shredded lemon peel, if you like. Makes 1 loaf (16 servings).
In a small bowl, combine powdered sugar, lemon peel, and lemon juice. Stir until smooth.