Cook rice in oil in a small cast iron skillet, stirring frequently, until rice is lightly browned. Add water, and bring to a boil. Reduce heat; cover and simmer 20 minutes or until rice is tender. Set aside.
Sauté onion in bacon drippings until tender. Add tomatoes, salt, and pepper; bring to a boil. Reduce heat; cover and simmer 15 minutes. Add rice; stir well.