Place the water in a large saucepan or stockpot and bring to a boil over high heat. Add the rice, 2 teaspoons of the salt, the bay leaf and olive oil and stir to combine. Allow to return to a boil, then boil, uncovered, for 12 minutes.
Remove from the heat, drain the rice in a fine-mesh strainer, and rinse with hot water. Transfer the rice to a serving bowl, remove the bay leaf, and stir in the remaining ¼ teaspoon salt, cilantro, lime juice and lemon juice. Serve warm or at room temperature. Leftovers can be stored in an airtight container in the refrigerator for up to 4 days.
Note: Chipotle uses rice bran oil in their rice; if you have it (or can find it at your grocery store), you can substitute it for the olive oil.Nutritional values are based on one serving