doubled Husky position

Yesterday I doubled my original position in Canadian oil integrated oil and gas firm Husky Energy (HSE). I bought Husky at $33.85 where it was trading at a P/E ratio of 7.0 and a dividend yield of 5.9%. This purchase likely brought Husky up to about a 6-7% weighting in my non-registered portfolio. Buying oil when the U.S., and possibly the world is going into a recession has its risks, but I believe most of those risks are already priced into this stock. At a 5.9% yield I am not concerned about Husky's 1-2 year forward earnings outlook. With their low pay out ratio they should be able to maintain the dividend if oil stays at reasonable levels. If the worst case occurs and oil tanks down to sub $60 levels for a sustained period then all bets are off, but I see the odds of the 'sustained period' being measured in years very unlikely. The world is still running out of oil, OPEC is still in the business of making money, and emerging markets continue to strive for the Western life. The race to find alternatives will only be hampered by lower relative oil prices.