Set oven for 350°. In a large bowl, mix together oil, sugar, eggs and extract. In another bowl, mix together flour, baking powder and baking soda. Mix dry ingredients well with whisk. Add dry mixture to wet mixture and stir just until incorporated. Pour batter into a greased 13” x 9” cake pan. Bake in oven until toothpick in center of cake comes out clean (approximately 23 – 30 minutes).
While cake is baking, in 2 quart saucepan bring 1 1/2 cups of root beer just to a boil. Remove from heat. Add the gelatin and 1 tsp. of root beer extract. Stir until gelatin dissolves (about 1 minute) and set aside to cool.
When cake is done let cool for 10 minutes. Punch holes in cake with end of wooden spoon (don’t push all the way to the bottom). Pour root beer mixture on top of cake, filling in holes. Place cake in refrigerator to cool.
For frosting, mix together with electric mixer cream cheese and sugar until smooth. Add whipped topping and vanilla extract and mix together well until smooth. Cut open vanilla bean and scrape out insides. Mix with frosting mixture until well incorporated.
Top cake with frosting and place in refrigerator, at least 4 hours. Enjoy (no ice cream needed)!!