Irrational price spikes are part of a supply shock. It will settle back as soon as hoarding behavior subsides.
Think 9/11. Same thing happened that evening.
Irrational price spikes are also the free market's way of stopping panic buying in its tracks.
Everyone considders it gouging and gets all p*ssed off, without reflecting on their actual participation in the event as a contributing factor.
In New Orleans, they call this looting...