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Preheat the oven to 350ºF. Grease and line three 4-inch or one 6-inch cake pan.
In a medium bowl, whisk together the flour, cocoa powder, baking soda, and salt. Set aside. Mix the red food color gel into the buttermilk and set aside.
In the bowl of your stand mixer (or with a large bowl + hand mixer), add the butter, sugar, and vegetable oil. Beat together on high speed until light and fluffy, 3 minutes. Turn the mixer to low speed and add the egg. Mix until incorporated, then add the vanilla and white vinegar and mix on low for another 30 seconds. Scrape down the bowl and paddle as needed.
Add the flour mixture all at once and mix on low speed until just incorporated, then add the red buttermilk mixture and mix on low speed until uniform.
Pour the batter evenly between the prepared cake pan(s). If using 4-inch cake pans, bake for 20-25 minutes. If using a 6-inch cake pan bake for 24-28 minutes.