In my area we're seeing a lot of "behavioral economics" at work. Not only in ammunition, but with military-style longarms and handguns of all types.
Our only two local stocking dealers are heavily back-ordered on all, and prices seem to escalate daily. Reloading components are disappearing as soon as they hit the shelves, too. It's the same situation at every dealer's shop I've visited within a 100 mile radius.
With Justice Ginsberg suffering from pancreatic cancer and a couple of the other SCOTUS people liable to find themselves failing the "wake-up test" inside of the next four years I personally can't blame them much. "Heller" was 5 to 4, and a weak decision at that.
Add in the alarming provisions and potential ramifications of various "Ammunition Accountability" bills being proposed on both the state and Federal levels, the very real potential for a permanent Klinton-style ban and the volitile economic climate.
Most people I know don't seem to be in full panic-mode yet, but with all of this hedging going on my cynical side tells me that it wouldn't take much to set that off. It also tells me that they may just have ample reason for alarm at what the near future might hold for us.
People react to conditions as they perceive them, and not always rationally. In this case, I'm very afraid that we're only beginning to see the tip of the iceberg.
God, but I hope that I'm wrong!