Remove the prime rib from the refrigerator and let it sit at room temperature for 2 hours before cooking. This ensures even cooking.

Preheat the oven to 450°F (230°C). In a small bowl, mix together the salt, black pepper, garlic powder, onion powder, rosemary, and thyme.

Rub the prime rib all over with olive oil, then generously coat it with the spice mixture, pressing the spices into the meat.

Place the prime rib on a rack in a roasting pan, fat side up. Insert a meat thermometer into the thickest part of the roast.

Roast at 450°F (230°C) for 15 minutes to sear the outside, then reduce the heat to 325°F (165°C) and continue roasting until the internal temperature reaches 120°F (49°C) for rare, 130°F (54°C) for medium-rare, or 140°F (60°C) for medium.

Remove the roast from the oven and tent it loosely with aluminum foil. Let it rest for at least 20 minutes before carving to allow the juices to redistribute.

Carve the prime rib into thick slices and serve with your favorite sides, such as mashed potatoes, roasted vegetables, or Yorkshire pudding.