Season the prime rib liberally on all sides with salt and black pepper.

Line a roasting pan with heavy-duty aluminum foil and position a roasting rack inside of it.

Transfer the prime rib fat side up to the middle of the roasting rack. Tent the prime rib loosely with foil, and allow it to stand at room temperature for 1-2 hours.

Preheat the oven to 325°F.

Set an extra-large skillet over medium-high heat and pour in the olive oil. Once the oil is shimmering, place the prime rib in the skillet. Sear the meat, undisturbed, until browned, 2-3 minutes on all sides.

Transfer the prime rib back to the roasting rack.

Roast the prime rib on middle rack of oven until the meat reaches an internal temperature of 120-145°F, depending on desired doneness, 75-100 minutes.

Check to see that prime rib is done. Remove from oven or add time as needed.

Allow the prime rib to rest on the rack for 15-30 minutes, then transfer to a cutting board and untie. Carve and serve immediately. Refrigerate leftovers up to 5 days or freeze up to 6 months.