Rinse the rice well in a fine strainer and drain
Saute olive oil and onions, stirring often about 3 minutes
Add the garlic and cook, stirring, for 30 seconds; turn off
Add water/broth and stir; scraping bits at the bottom
Add salt, chili powder, ground cumin, garlic powder, dried oregano, tomato sauce, and rice
Close the Instant Pot lid and turn the steam release valve to the sealing position. Pressure cook on high pressure for 4 minutes. The Instant Pot will take about 15 minutes to reach pressure and then the cook time will begin counting down.
When the cook time ends, allow the pressure to release naturally for 15 minutes by leaving the Instant Pot alone. Then, carefully turn the steam release valve to the venting position to release any remaining steam. Once the pin drops down, open the Instant Pot lid.
Stir and fluff rice and serve.