Bring 8 cups water to a boil in a large pot. Add rice, bay leaf, oil if using, and salt to taste (I like 2 teaspoons). Stir and return to a boil. Boil uncovered for 10 to 12 minutes.
Remove bay leaf. Using a fine mesh strainer, drain rice and rinse with hot water. Pour into a large bowl.
Stir in cilantro, lime juice, and lemon juice. Season to taste with salt (I like an additional ¼ teaspoon). Serve hot or at room temperature.
For long-grain rice, bring 4 cups water to a boil in a large pot. Add rice, bay leaf, oil if using, and salt to taste. Stir and return to a boil. Reduce heat to low, cover, and cook for 15 minutes.
Remove bay leaf. Stir in cilantro, lime juice, and lemon juice. Season to taste with salt.
For rice cooker, add rinsed rice, water, bay leaf, salt, and oil. Cook according to manufacturer's instructions. When finished, remove bay leaf and stir in cilantro, lime juice, and lemon juice.
