Bring water to a boil in a medium saucepan. Add rice, 1 teaspoon oil, and salt; cover, reduce heat, and simmer 20 minutes or until liquid is absorbed.
Heat 1 tablespoon oil in a large nonstick skillet over medium heat. Add onion, bacon, and garlic; cook 10 minutes or until lightly browned, stirring occasionally. Stir in rice, chopped green onions, cumin, pepper, and peas; cook 8 minutes or until thoroughly heated. Stir in parsley. Garnish with green onions, if desired.