A lubricant composition includes a base oil, an alkoxylated amide, an ester, and an anti-wear agent including phosphorus. The alkoxylated amide and ester have general formulas (I) and (II), respectively. The lubricant composition may be further defined as a racing oil composition. Also disclosed is a method for maximizing the effectiveness of a friction modifier in a racing oil composition thus increasing the fuel economy of a racing vehicle. The method includes providing the racing oil composition and lubricating an internal combustion engine of a racing vehicle to increase the fuel economy of the racing vehicle.