Combine the cornmeal, cold water and salt in a bowl; mix and set aside. In a large pot, bring 5 cups of water to a boil. Add the oil and stir in the cornmeal. With an electric or hand mixer, beat the cornmeal until it starts to thicken (about 3 to 4 minutes). This will keep the polenta smooth and free of lumps.

Cook over medium heat, stirring constantly with a wooden spoon, for about 20 minutes. Then cover the pot and leave it on the heat for 3 minutes more without stirring. Shake the pot a little. This will allow some steam to get under the polenta so it will detach itself from the bottom of the pot easily.