Turn your electric pressure cooker to saute and heat the olive oil in the bottom of the pot. Add the pork shoulder or butt and sear on each side for 3 minutes.
Add the remaining ingredients to the pot and give a quick stir. Turn the nob to sealing and cook on high pressure for 80 minutes. Allow the pressure to naturally release when the cook time is complete.
When the pin drops and the pressure is all naturally released, open the pot. Remove the bay leaves and discard.
Remove the pork from the pot and shred it using two forks. Reserve the liquid from the pot in a separate container.
Turn the pressure cooker to saute and add a little oil to the bottom of the pot. Return 2 cups of the shredded pork to the pot along with 1/3 cup of the juices. Saute for 5 minutes or until the juices are evaporated and the bottom of the pork is browned. (If you are needing larger quantities in one serving, use a large skillet over the stove with the same proportions of meat to juice.)
Serve the pork carnitas in tacos, quesadillas, etc.