An expandable thermoplastic composition is disclosed for extrusion foaming wherein the composition comprises a polyethylene resin; a blowing agent comprising a blend of about 50% by weight of carbon dioxide and about 50% by weight of either normal butane, isobutane, propane, or a mixture of any two or all three hydrocarbons in admixture with the resin in a ratio of about one part blowing agent to about 10 parts resin; zinc oxide nucleation agent in an amount of from about 0.05 to 0.5 kg per 100 kg of the resin; and glycerol monostearate aging modifier in an amount of from about 0.5 to 5 kg per 100 kg of the resin. A process for extrusion foaming of the composition is also disclosed.