Mix flour and salt in a bowl. Cut in shortening using a pastry cutter. Cut in butter.
Add oil and milk and stir until a soft dough forms.
Cut dough in half. Wrap one half in plastic wrap and set aside.
Roll the other half and place into a pie pan.
Combine peaches, sugar, flour, cinnamon and lemon juice. Pour into pie crust. Dot with butter.
Roll out second pie crust and place on top.
Cut off excess pie crust using a knife and crimp/pinch the edges.
Cut 3-4 slits in pie crust for venting.
Mix egg and water together. Brush over pie crust. Sprinkle top of pie with sugar.
Bake 60-70 minutes at 425 degrees. Tent pie with foil after it begins to brown (around 30 minutes) to prevent excess browning.
Cool on cooling rack at least 2 hours to allow peach filling to thicken.