Boil the water (or chicken broth). You may use an electric or stovetop kettle, or old-fashioned pot. You will need 1.5 cups of just-boiled liquid, so, if you plan to use a small pot, be sure to boil with the lid on to avoid moisture loss.
Drain and rinse the rice in 1-2 changes of clean, cold water. Drain thoroughly using a fine-mesh strainer and place (the rice-filled fine-mesh strainer) on top of a kitchen towel, carefully tapping to remove any excess water.
Heat the olive oil (or butter) in a wide, lidded saucepot or pan over medium heat. Add the rice and salt. Thoroughly mix the rice so that each grain is covered in oil.
Add the boiled water (or stock), increase heat to high, and bring to a rapid boil. Immediately reduce heat to low and cover with a lid. Leave the rice to cook for approximately 25-30 minutes without lifting the lid.
Tip: If you have a clear glass lid, you can check for doneness by carefully tilting the pan to one side. If you see a pool of extra liquid, you know to keep cooking. If no liquid is visible, it's a good indication that most of the liquid has been absorbed.
With the lid still in place, remove from heat and allow your rice to steam, undisturbed, for 10 minutes. Just before serving, fluff with a fork and dot with a tablespoon of butter or pinch of salt, if desired.