In a large kettle 4 to 6-quart place olive oil over heat medium-low to medium Add onion celery bell pepper garlic basil salt and pepper Cook until vegetables are tender-crisp Stir frequently Add uncooked rice and stir to blend well Cook for about 2 minutes Add tomato juice and chili powder Stir to blend Bring to a boil reduce heat to low cover and cook until all liquid is absorbed and rice is tender Serve with shredded Cheddar cheese if desired Serves about 8