Put rice in a fine mesh strainer and rinse well until water runs clear.
Add rice to the insert of a 6 quart Instant Pot. Add water, oil, and salt. pushing down any rice that may be on the side of the pot to submerge in liquid.
Secure cover, turn valve to seal, and set Instant Pot to Pressure Cook for 5 minutes (or on Manual, high pressure). When the timer goes off, let the pressure naturally release for 10 minutes (in other words, leave it alone for 10 minutes).
When 10 minutes has elapsed, quick release any remaining pressure. Remove lid, fluff the rice with a fork, and serve.
Makes about 9 cups cooked rice.
You can adjust the quantity easily as long as you keep the ratio of 1 cup rice: 1 cup water. Cook time remains the same: pressure cook for 5 minutes, with 10 minutes natural release. The time it takes the Instant Pot to come to full pressure will change.