Add the rice, vegetable broth, olive oil, salt, and garlic powder to a large pot. Turn the heat on to medium-high, and bring the broth to a boil.
Once boiling, turn the heat down to low, and bring the rice to a simmer. Cover the pot, and let the rice simmer, stirring occasionally, for 45 minutes, or until the liquid is absorbed and the rice is cooked through, but not mushy.
When the rice finishes cooking, turn the heat off, cover the pot, and let the rice sit, covered, for 5 minutes.