Beat the oil and sugar with mixer for 5 minutes. Sift the next 5 ingredients together and stir half into sugar mixture. Blend thoroughly. Add remainng half of dry ingredients, alternately with eggs, one at a time, mixing well after each addition.
Add carrots and nuts, mix well and pour into a lightly oiled 10-inch tube pan. Bake at 325 degrees F for 1 hour and 15 minutes. When done, invert pan on cake rack and let it cool.
For the glaze, place the sugar, orange peel, cornstarch, and orange juice in a saucepan and stir until well mixed. Then add the lemon juice, butter and salt. Cook over medium low heat, stirring constantly, until thick and glossy.
Let cool until tepid, then spread on unmolded cake. When cool, freeze cake on a tray, then remove cake, wrap, label and put back in freezer, if desired, for storage.