Marmar, I do the same with many recipes.
Just to point out some chemistry here about using 75% volume oil to replace 100% butter in a recipe.
This is NOT a reduction in fat.
Butter is about 80-82% fat (most of the remainder is water and about 2% milk solids), so using 3/4 to 4/5 oil is actually using the same amount of fat as contained in the original butter measure.
Although I haven't done it with this exact cake, I regularly sub olive oil for butter in many, many cake recipes (I usually do this because I don't always have butter in the fridge but I always have olive oil on hand!). What I do in this case is I first blend the oil and eggs together (rather like making a mayonnaise) until thick and smooth, then add the sugar and then proceed with the rest of the recipe. I use 3/4 of the volume required of the butter (so instead of 1 cup butter, I'd use 3/4 cup olive oil).
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Just to point out some chemistry here about using 75% volume oil to replace 100% butter in a recipe.
This is NOT a reduction in fat.
Butter is about 80-82% fat (most of the remainder is water and about 2% milk solids), so using 3/4 to 4/5 oil is actually using the same amount of fat as contained in the original butter measure.