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.