Adjust oven rack to the center of your oven and preheat to 500°F. In a small bowl, whisk together olive oil and Prime Rib Rub.
Pat dry all surfaces of the rib roast with a paper towel. Spoon the oil-spice mixture over the roast, allowing it to run down, coating all sides.
Place roast, bone side down, on a rack you have arranged inside a roasting pan. Roast at 500 degrees for 15 minutes, then reduce the oven temperature to 325°F and continue baking until the meat reaches the desired level of doneness:
- Rare: cook until meat thermometer reaches 120° F (50-60 minutes for a 5-lb rib roast)
- Medium rare: cook until meat thermometer registers 130°F (60-70 minutes)
- Medium: cook until meat thermometer reaches 140° F (70-80 minutes)
- Medium well: cook until meat thermometer registers an internal temperature of 150° F (80-90 minutes)
Remember to remove the meat from the oven 5-10 degrees before it reaches desired temperature. It will continue you to cook, and the temperature will continue to rise, even after you remove it from the oven.
Once you’ve removed the roasting pan from the oven, “tent” the roast with aluminum foil and allow to rest for 30 minutes before carving.