Heat oven to 500 degrees. Unwrap the prime rib and pat it dry with paper towels.
Smear 2-3 tablespoons of olive oil on all sides of the prime rib. Use your fingers to rub Kosher salt and black pepper over the meat. Press any other desired herbs on the meat and then set the meat fat side up in a roasting pan.
Cook the prime rib uncovered in the oven at 500 degrees for 15 minutes then turn the heat down to 325 degrees and cook another 70-75 minutes.
Prime rib should be cooked 13-14 minutes per pound. So if you have a 7 pound roast, it will take about 90-100 minutes. Adjust timing if your roast is smaller or bigger.
About 10-15 minutes before the time is up, use a digital thermometer to check the internal temperature of the meat. 120 degrees for rare, 130 degrees for medium rare, and 140 degrees for well done. Keep in mind that the temperature will rise another 10 degrees once removed from the oven. I prefer medium rare, so I remove the roast at 120 degrees.
Once baked, remove the prime rib and tent the roasting pan with foil. Let the meat rest for 30 minutes before cutting.
Slice the roast in 1/2-1 inch slices using a sharp knife. Serve warm.