1. In a saucepan, saute onions and parsley in oil and butter for 1 minute or until tender.
2. Add rice, cook over medium heat until rice is coated with oil and translucent, about 3 minutes.
3. Stir in the broth, cayenne and bay leaf.
4. Bring to a boil.
5. Reduce heat; cover tightly and simmer for 18-20 min or until liquid is absorbed and rice is tender.
6. Discard bay leaf.
7. Makes 6 servings.