Mix dry ingredients in a large bowl. Make wells and add oil, vinegar and vanilla. Pour 2 cups water over all. Mix with fork -- do not beat. Pour into ungreased 9 x 13 baking pan. Bake at 350 for 35-40 minutes.
For Frosting: Bring first three ingredients to a rolling boil. Removed from heat and add 1 cup chocolate chips. Pour over cooled cake.