Rub olive oil over and around the prime rib and liberally (at least 2 tablespoons per side) season with salt and pepper.
In a roasting pan, place prime rib fatty-side up, and place in oven for 20 minutes per pound. Begin testing the meat 15 minutes before your estimated finish time. You want to reach 115 degrees. Once the meat reaches 115 degrees, remove to a cutting board and allow to rest for at least 15 minutes. Cut the meat into slices and serve immediately.
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