The race for Oscar is on.

"There Will Be Blood" picked up eight nominations, including Best Picture and Best Actor for Daniel Day Lewis.

"No Country For Old Men" also scored eight nominations, including Best Picture and Best Supporting Actor For Javier Bardem.

The teen pregnancy comedy "Juno" is also in the Best Picture hunt, and its young star, Ellen Page is up for Best Actress.

"it's extremely humbling to be recognized with these other actresses, people I respect and admire. It's crazy," Page said.

Page's competition includes Golden Globe winner Julie Christie for "Away From Her," as well as Marion Cotillard for "La Vie En Rose," Laura Linney for "The Savages," and Cate Blanchett for "Elizabeth The Golden Age."

Golden Globe winner "Atonement" is also in the Best Picture chase, but its two leads, Keira Knightley and James Macavoy, were shut out of the acting nominations.

Their young co-star Saoirse Ronin scored a nomination for Best Supporting Actress.

The legal drama "Michael Clayton" rounds out the Best Picture nominees.

Its star George Clooney is up for Best Actor.

Along with Daniel Day Lewis, he'll be competing against Johnny Depp for "Sweeney Todd", Tommy Lee Jones "In The Valley Of Elah" and Viggo Mortensen for "Eastern Promises."

It's a milestone day for veteran actor Hal Holbrook.

The film "Into The Wild" brought him a long awaited first ever Oscar nomination as Best Supporting Actor.

"it's like waiting for a reprieve from the governor, sitting out there," Holbrook said.

Holbrook's competition includes Golden Globe Winner Bardem, Casey Affleck for "The Assassination Of Jesse James", Phillip Seymour Hoffman for "Charlie Wilson's War" and Tom Wilkinson for "Michael Clayton".

If Cate Blanchett doesn't win Best Actress, she could take Best Supporting Actress for playing singer Bob Dylan in "I'm Not There".

In addition to Saoirse Ronan, her competition includes Ruby Dee for "American Gangster", Amy Ryan for "Gone Baby Gone" and Tilda Swinton for "Michael Clayton".

The winners will be announced on February 24.

What remains to be seen is whether any of the winners will be on hand to pick up their awards.

If the ongoing writer's strike continues, many actors and actresses have already said they won't cross picket lines to attend the ceremony, as was the case for the recent Golden Globes.