Oil Companies face $8 to $10 Billion in losses due to Hurricane Ike. Should Obama reconsider his windfall profits tax on oil comanies? Hurricane Ike is exactly the type of unforeseen catastrophic event that a company retains profits for. It may sound good to punish "big oil" for their "record profits", but shouldn't you give them a break in light of the losses sustained by Hurricane Ike? Windfall Profits Taxes are punitive, and a socialist concept.