Remove the prime rib from the refrigerator and allow to come to room temperature for 1 hour.

Preheat the oven to 350°F. Rub the prime rib with olive oil. In a small bowl, combine the salt, pepper, herbs and garlic powder. Rub this mixture onto the prime rib. Place the prime rib in a roasting pan, fat-side up, and insert an ovenproof meat thermometer so the tip is centered in the thickest part of the roast. Place in the oven and cook for 2 1/4 hours or until internal temperature reaches 122°F.

While the roast is in the oven, prepare the sauce.

Once the roast is done, remove from oven and cover loosely with aluminum foil. Allow to rest for 25 minutes prior to slicing. The temperature of the roast should increase 10 to 15 degrees.

For the creme fraiche - horseradish sauce:

In a small pot, place the red wine and shallots. Cook over medium heat and reduce to almost dry. Remove from heat and allow to cool.

In a bowl, add the remaining ingredients and the cooled red wine reduction. Stir to combine and chill until ready to serve. This sauce can be refrigerated for up to 1 week.