Heat oven to 350°F. In large bowl, beat brown sugar, butter, oil, vanilla and egg product with electric mixer on low speed until blended. With spoon, stir in flour, oats, baking powder and baking soda until well mixed. Stir in cereal and chocolate chips.
On ungreased cookie sheets, drop dough by rounded tablespoonfuls about 2 inches apart.
Bake 13 to 15 minutes or until set. Cool 1 minute; remove from cookie sheets to cooling rack.