Preheat oven to 300°F.

Combine oil, sugar, eggs, water and pumpkin. Mix well.

In a separate bowl, combine flour, baking soda, salt, nutmeg and cinnamon. Mix to blend.

Add dry ingredients to pumpkin mixture, stirring until well blended.

Add raisins and nuts. Fold into mixture.

Pour into lightly greased loaf pans.

Bake at 300 degrees:
Small loaf pans - 1 hour
Large loaf pans - 1-hour & 15-minutes

Check with toothpick to see if finished.