I cook prime rib for Christmas. Here is what I do.
This first part is optional.
(I have a second fridge in the basement that makes this easier)
Get an untrimmed rib roast. Wash rib and pat dry, lightly salt and pepper, place on cookie drying rack, place rack in cook sheet, cover with paper towels and place in fridge, replace paper towels every 12 or so hours for 4 or 5 days. With a 7 pound roast you will evaporate about 3/4 to 1 pound of water out of the meat. As water itself has no flavor, the flavor of the beef will be intensified. Don't believe me? go to a high end steak house that serves dry aged beef.
Now on the day of cooking, if you did the above trim the fat and ends of the meat cutting away just enough to remove the dry looking stuff,
then re-season with salt, pepper, garlic and rosemary... or whatever seasoning you like, and allow the beef to warm to about room temperature.
Now you will need a digital thermometer, the kind with the probe that you can leave in while cooking, look for one that allows you to set a temperature alarm.
Insert probe and place roast in a 220-degree oven. Set temperature alarm for 125. Yes this will take a a couple of hours depending on the size of the roast. Once the alarm goes off remove the roast and let it rest, the temperature should continue to rise to about 135.
Turn oven up to 500 degrees. Then put the roast back in for about 10 min. no longer. This will add a nice crust.
Take out roast and place on cutting board or service tray.
Place the dish you cooked it in (the roast should be cooked on a rack or broiler pan) and put the dish on the stovetop, degrease with red wine, about a cup and a half and a cup of water,
Scrape up all the bits off the bottom of the pan and stir until almost boiling. remove, and separate the fat from the stock, return stock to a boil and reduce.
Slice, serve and enjoy.
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