In a heavy, flameproof casserole, melt butter and olive oil. (I use my heavy bottom stainless steel 12 quart pot.) Saute rice in butter and oil, stirring constantly, until rice begins to turn milky. (This step will often attract little boys to the kitchen with comments of, “What smells so good?”)
Pour in liquid, add salt and gelatin and bring to a rolling boil. Boil, uncovered, for about 10 minutes until the water had reduced to the level of the rice. Reduce flame to lowest heat, cover tightly and cook for at least 1 1/2 hours or as long as 3 hours. Do not remove lid during cooking.