Refried Beans (Instant Pot)

Ingredients

• 1 pound dried pinto beans, about 2 cups
• 4 cups water
• 1 cup coarsely chopped onion
• 3 cloves garlic, minced
• 1 teaspoon kosher salt, more as needed
• 1 teaspoon ground cumin
• ½ teaspoon dried oregano
• ½ teaspoon freshly ground black pepper
• 3 tablespoons bacon drippings, lard or olive oil
• 1 dash cayenne pepper, optional