In a large saucepan, heat the olive oil and 2 tablespoons of butter over medium heat. Add the chopped onion and sauté for about 8-10 minutes, or until the onions are golden brown and caramelized. Stir occasionally to prevent burning.

Once the onions are caramelized, add the rice to the pan and stir for 2-3 minutes until the rice is lightly toasted.

Pour in the chicken or vegetable broth, and add garlic powder, onion powder, salt, and pepper. Bring the mixture to a boil.

Once boiling, reduce the heat to low, cover the saucepan, and let it simmer for 18-20 minutes, or until the rice is cooked and the liquid is absorbed.

Remove the saucepan from heat and let it sit, covered, for an additional 5 minutes. Fluff the rice with a fork and stir in the remaining 2 tablespoons of butter until melted.

Serve warm, garnished with fresh parsley.