Put oil and rice into a small saucepan over medium heat. Heat the rice until the grains become milky and opaque. Don't worry if some of them brown.
Add the salsa and water, and bring to a boil.
Place the saucepan into the oven for 20-25 minutes, or until all the water is absorbed and the rice is cooked through.
Optional: To make into a "one-dish" meal, I'll add about a cup of black beans when I add the water and salsa. Also can add corn and/or broccoli. If adding broccoli, add it when there are about 10 minutes left in the cooking time.