Place gelatin and water in a small saucepan over low heat. Stir until gelatin is melted. Remove from heat.
Combine the corn syrup, vegetable oil, shortening, and confectioners' sugar in the bowl of a stand mixer. Turn the mixer on low, and add the gelatin mixture. Beat on low speed until a paste is formed. Refrigerate for 15 minutes to let harden slightly.
To use, roll the fondant to 1/4 inch thickness, using cornstarch to coat the work surface and the rolling pin. Transfer fondant by rolling it around the rolling pin. Place fondant over cake and unroll it, stretching it into place as necessary. Use a paring knife to cut away the excess. Store unused fondant in an airtight container.