Preheat oven to 350 degrees F (175 degrees C). Lightly grease cookie sheets.

In a large bowl, cream together the margarine, oil, brown sugar and white sugar until smooth. Beat in the egg substitute, vanilla and water. Combine the flour, baking soda, cinnamon and nutmeg; stir into the sugar mixture. Stir in the oats, oat bran, wheat germ, raisins and walnuts. Drop by teaspoonfuls onto the prepared cookie sheets.

Bake for 18 to 20 minutes in the preheated oven, or until the edges are lightly browned. Remove from cookie sheets to cool on wire racks.