Preheat oven to 400°F Line a roasting pan with aluminum foil; pour the beef broth and water inches Place the shallot sections in the pan so that the prime rib will be located over them. Spray the rack with nonstick spray and place into the pan; be careful not to tear the foil.
Mix together the rosemary, thyme, garlic and onion powders, black pepper and salt. Brush olive oil over top of the prime rib; spread seasoning rub onto it.
Place the roast onto the center of the rack; make sure it it over the shallots. Roast the beef for 45 minutes at the 400F temperature; turn the temperature down to 300F and roast to desired doneness. (125F is rare, 135F is medium-rare, 145F is medium and 155F is well).
Once you have the roast at the desired doneness, pull the entire pan out of the oven and let it all rest for 30 minutes. This lets the juices from the roast redistribute back throughout itself; then place the roast on a cutting board and cut one inch slices.
Remove the shallots with a slotted spoon; pour all the remaining liquids and solids into a freezer safe plastic bowl; put the bowl into the freezer for 45 minutes; the fat will rise to the surface, solidify and you can just remove it easily with a spoon. Pour the fat free liquid through a strainer to remove any bits of missed solid fat or herbs. Chop up the shallots finely and add them to the au jus, or leave in pieces and serve as a side to the beef.