In a medium size sauce pan over medium/high heat bring 3 1/4 cups of water and salt to a boil. Add the rice and oil and allow to cook uncovered until the rice has completely absorbed the water and the grains of rice are slightly larger and have taken an opaque color. Reduce the heat to very low, cover the rice and allow to cook for about 15 minutes.
Uncover the rice and run a heat-proof spatula or a metal spoon around the inside rim of the saucepan. Loosen any affixed rice, and fold the rice onto itself until any uncooked rice is in the bottom, and the completely cooked rice is on top. This may take about 2 folds to get all the uncooked rice to the bottom of the pot.
Cover and allow to cook another 7-10 minutes. Uncover, add the cilantro and lime juice and fluff with a fork. Serve and enjoy.