If your local gun shop has raised prices, he's gouging you. This is a temporary shortage.I had the opportunity to talk with a couple of representatives in the business back mid-February. They did not see anything improving until at least the end of 2010, if then at all. It sure didn't sound temporary.
All that has to happen is a political climate change.
If the GOP manages not to screw things up (and it’s even odds on that one), the Dems will lose their 60 seats. Then, the GOP will be in a position to shut down the anti-gun nuts. When those nuts dissappear, the demand for guns and ammo will spring back to 2008 levels.
In the 200 year history of our country, this is a temporary thing. We went through this back in the 80’s with Mr. Peanut (Remember the various ‘military rifle debate’?), we went through this in the 90’s with Clinton (Remember the limit on clip capacity?), it’s actually quite predictable.