I miss read your post earlier bigbulls, sorry. I was out cooking some chicken on the grill and it dawned on me you were right. I was going to try and respond before you but didn't get here in time.
I agree with you, it is because of the small frontal area of the bullet. Energy figures on bullets and arrows are VERY deceiving because of this. There is also the momentum issue. I would think a bowling ball would hit much harder as well.
Sorry about that, guess I was reading too quickly.
I like my crow BBQ'd with sweet corn on the side

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Paul