Put a large, heavy pan (Dutch Oven is best) over medium high heat.
Add oil.
When oil is hot, add onion and cook, stirring often, until tender but not browned, about 4 to 5 minutes.
Add garlic, bay leaf, salt, and pepper and saute for 30 seconds.
Add rice, stirring to coat in oil.
Add stock and cook, stirring now often, until liquid boils.
Reduce heat to simmer, and cover.
Cook until liquid i absorbed, 40 minutes.
Remove pan from heat and discard bay leaf.
Toss gently with a fork, replace cove, and allow rice to sit, undistributed, for 15 minutes.
Adjust seasonings to taste.