Prep the Beans: Rinse and pick over beans, discarding any damaged or malformed beans. Look for small stones or anything that doesn't look like a bean.

Sauté the Aromatics: Choose the sauté setting on the Instant Pot and add the vegetable oil. When the oil is hot, sauté the onion until wilted; add the jalapeño and garlic and sauté for 1 minute longer. Cancel the sauté setting and add  the beans, water, stock, bay leaf, kosher salt, cumin, oregano, black pepper, and cayenne, if using.

Pressure Cook: Place the lid on the pot and make sure the pressure release knob is in the sealing position. Select the pressure cook or manual button, high pressure. Set the timer to 45 minutes. When the time is up, allow a natural release, which will take approximately 20 minutes.

Finish the Dish: Strain the liquids into a bowl. Reserve 2 cups of the cooking liquids and discard the rest. Discard the bay leaf and return the beans to the Instant Pot or turn them into a large bowl. Mash or blend the beans with an immersion blender, adding small amounts of the reserved liquid, as needed for consistency. Taste and add more salt, if needed.

Garnish and Serve: Enjoy refried beans with shredded cheese, sliced green onions, chopped tomatoes, red onions, or your favorite toppings.