Use kitchen twine to tie the roast to the bone. They generally separate during roasting.
Generously salt and pepper all sides of the roast.
Place the roast in your roasting pan and lightly cover it with plastic wrap. Refrigerate at least overnight, up to 4 days. This wet-ages the roast, increasing its tenderness.
Remove the roast from the refrigerator at least 2 hours before roasting to bring it closer to room temperature.
Preheat the oven to 250 degrees F. Slow-roasting the meat produces a more uniform cook. The outer layer doesn’t become overdone. Place the roast in the hot oven. Slow-roast the prime rib for about 20 minutes per pound.
You want to shoot for medium-rare doneness; the internal temperature should be about 125°F. The outer edges will be slightly more done than the inner ribs. See the cooking chart for doneness temperatures in the notes below.
Once the meat comes to temp, remove it from the oven, tent it with foil, and let it rest on a rimmed cutting board to collect the juices for at least half an hour.
Just before serving, increase the oven temp to 500°F. Once the oven is hot, put the roast back in and reverse-sear it for 5-8 minutes to form a beautiful brown crust . The inside of the meat will not get further done, since you are browning for such a short time.
For the Jus
Use the same pan you roasted the beef in. Add the oil, onions, and vegetables to the pan over medium-high heat, and sauté until the edges are caramelized. Deglaze the pan with a splash of red wine. Let the wine almost totally evaporate. Add the water, beef base and bay leaf, along with any juices from the beef. Bring it to a boil and then reduce the heat. Simmer for about 15 minutes. Strain it through a fine sieve. Serve with the beef.
Notes
Note: The calorie estimate above does not remove the bone or the fat cap calories.