In some cases, even the perception of a shortage can create one as people make a run on selected items.
Around here a few years back there was a rumor of a toilet paper shortage. Some people went out and bought a years supply, enough so, there wasn't a roll of TP to be found in town.
In reality, there was no overall shortage, supplies were normal, but local demand spiked because of the perception of a shortage and created one.
While this was regarded as humorous within a week, it illustrated (at least to me) how perceptions can control the adequacy of local inventories.
A few more people buying a little more whatever will increased demand, and cause increased ordering, but not be severe enough to encourage price increases, much less scalping.
A lot more demand, with constant backordering, could easily lead to increased prices, and in extremis, in the absence of 'normal' governmental and supply conditions, the sky is the limit.
So far, I do not believe this has occurred to anywhere near the extent it could.
Ultimately, all commodity prices are volatile if the factors affecting their availability are unstable or deteriorating.
Current dry weather (reducing forage) over the range areas up here have led to a drop in beef prices here, and we are loading the freezer. If things look really bad, we'll be canning a lot of beef for the long haul.
Thanks.
I've seen many strange things around here before and after a hurricane.
We do have some gouging laws that kick in at some point when a state of emergency (or some such) is declared. They were vigorously pursued after Katrina in this area. I'm a two hour drive @70mph from New Orleans.