Remove the 7-pound prime rib roast from the refrigerator and let it sit at room temperature for 1 hour before cooking.
Preheat the oven to 500 degrees F.
Place the prime rib on a rack inside a roasting pan with the bones down.
In a small bowl, stir together ¼ cup olive oil, 2 teaspoons salt, 2 teaspoons black pepper, 1 teaspoon chopped fresh rosemary, 1 teaspoon chopped fresh thyme, and 2 tablespoons minced garlic.
Rub the seasoning mixture on the outside of the prime rib roast.
Bake the prime rib at 500 degrees F for 15 minutes.
Then reduce the oven temperature to 325 degrees F.
The cook for 10-15 minutes per pound depending on how done you prefer it to be (time and temperatures are listed in the recipe notes).
Use a meat thermometer to ensure that the beef is cooked to the temperature that you desire.
After the cook time, remove the prime rib from the oven. Cover it with foil and let it rest for 15-20 minutes before slicing.
Slice the roast against the grain is approximately 1/2? thick slices. Serve with your favorite sides and enjoy!