Rinse the rice in a strainer or colander until the water runs clear. Combine with water in a medium saucepan. Bring to a boil, then reduce the heat to low, cover and cook for 20 minutes. Rice should be tender and water should be absorbed. Cool until cool enough to handle.
In a small saucepan, combine the rice vinegar, oil, sugar and salt. Cook over medium heat until the sugar dissolves. Cool, then stir into the cooked rice. When you pour this in to the rice it will seem very wet. Keep stirring and the rice will dry as it cools.