One thing driving demand though is a flood of new shooters and more frequent shooters.
Yes, I thought the same thing, but have no idea what the real numbers might be. I know when I go to the local ranges they seem to have more business and a lot of first time shooters taking lessons. Also, I constantly hear about someone getting a license to carry as Georgia continues to become more firearms friendly.
I wonder if a lot of it is sort of a “monkey see monkey do” reaction. Simply the fear of an ammo shortage is enough to motivate some people to stock up which in turn reduces the on hand supply motivating others to stock up.
Another issue is more and more folks are buying ammo off the internet and to get the really good deals they buy in bulk. So, even though they may not shoot anymore often they buy in larger quantities resulting in more variation in supply.
Also, while avoiding pure politics I do not think you can ignore the impact that the upcoming election is having. Regardless of how rational or irrational it may be it does motivate some folks to buy.