2 tablespoons olive oil 1 onion, finely chopped 1 green bell pepper, seeded and diced 1 red bell pepper, seeded and diced 1/2 teaspoon salt 2 cups water 1 cup white rice 1/2 cup small pimiento-stuffed olives (about 20 olives) 1/4 cup reserved olive juice 3 strips bacon, cooked and crumbled (1/4 cup)