This is a vegetarian version of a traditional New Year's dish, said to bring luck when eaten before noon. Recipe from The Vegetarian Table: America by Deborah Madison, as adapted by the Chicago Tribune. A tasty and flavorful dish.
Melt butter with oil in large, heavy saucepan over medium heat. Add onion, bay leaves, thyme, chili powder and allspice. Cook, stirring often, until onion is lightly browned, about 7 minutes.
Prepare rice by your preferred method.
Add black-eyed peas to the onion mix; cover with water. Increase heat to medium-high; heat to a boil. Lower heat to a simmer; cover. Cook until peas are just tender, 20-25 minutes, checking pan and adding more water if needed. Uncover; cook over medium heat until water is mostly absorbed, about 5 minutes. Season with salt and pepper, to taste.
Remove bay leaves. Serve over rice.
Note: I used vegetable broth instead of water. My broth had no salt, if you use a commercial broth, cut down on or eliminate the salt.