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Pour oil into a large skillet. Add onion, bell pepper, and rice and saute over medium heat until rice is lightly toasted. Add broth, tomato sauce, and water. Bring to a boil. Cover; reduce heat to low; simmer for 20-25 minutes or until liquid has been absorbed. Do not stir. Remove from heat and let sit for 5 minutes. Fluff with a fork.
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