The National Shooting Sports Foundation, a trade group which represents ammunition makers, retailers, hunters and sport shooters, claims that gun shops are running low on ammunition.
According to the National Shooting Sports Foundation, the massive buying spree is because gun owners fear potential gun control laws.
Gun sellers and owners say a run on ammunition began shortly after President Obama was re-elected and has intensified since the December mass killing of 20 children and six adults at Sandy Hook Elementary School, reports USAToday.com.
However, President Obama and anti-gun violence lawmakers have not proposed background checks for ammunition or restricting the sales of ammunition.
Prices have more than doubled over past year and some gun stores are putting limits on the amount of bullets a customer can buy (which is stricter than current gun laws).
The National Shooting Sports Foundation claims that people who are "keeping firearms for personal and home defense" are buying up most of the bullets.
"We absolutely are in uncharted territory," said Larry Hyatt, who owns the Hyatt Gun Shop in Charlotte, N.C. "Our store is 53 years old, and we have never seen anything like this. We have had some spot shortages and busy gun times in the past. This is a level [of demand] never before seen."
"The political turmoil is intensifying it. People feel like this administration is very anti-gun, and they are going for the legal gun owner. Whether true or not, this information is out there, and people are getting it while they can."
Hyatt is limiting sales of .22-caliber to one box to gun owners, but has not been accused of violating Second Amendment rights.
Mike Wastler, manager of Bart's Sports World in Glen Burnie, Maryland, said that sales "went crazy" after President Obama proposed banning assault weapons.
Another conspiracy theory that has driven ammunition sales are the recent purchases of 1.1 billion rounds of ammunition by the Department of Homeland Security and Social Security Administration over the next five years.
Homeland Security spokesperson Marsha Catron said that most of the ammunition would go to required training for about 130,000 armed federal agents in various agencies.
The Social Security Administration has 295 armed agents that protect offices around the country, and that ammunition is standard issue for the arms they carry on the job.
The agency said in statement: "Our special agents need to be armed and trained appropriately. They not only investigate allegations of Social Security fraud, but they also are called to respond to threats against Social Security offices, employees and customers."
Right wing websites such as DrudgeReport.com have suggested that these ammunition buy ups by the U.S. government are for some secret nefarious plan.