Red Velvet Fireworks Cake

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1 1/3 cups vegetable oil, plus more for the pans

3 cups all-purpose flour, plus more for the pans

1 tablespoon unsweetened cocoa powder

1 teaspoon baking soda

1/2 teaspoon salt

1 1/2 cups granulated sugar

1 cup buttermilk

3 large eggs, at room temperature

1 teaspoon pure vanilla extract

1 1/2 teaspoons red gel food coloring

For the frosting:

2 8-ounce packages cream cheese, at room temperature

4 sticks unsalted butter, at room temperature

Pinch of salt

5 cups confectioners' sugar

1 cup (one 3.8-ounce container) red, white and blue nonpareils