This run on ammo is being driven by the conspiracy theorists, the gunshow promoters, online ammo retailers and yes; sometimes, your LGS.
Yep, there's oodles of .22 ammo out there. It's in the hands of the scalpers and scam artists, like this guy:
This. A 1000 times this. Want to see where all the ammo is? Go do a search on Gunbroker.com for ammo. Last time I checked there were about 7000 current ammo auctions each for a 100, 500 or even 1000 rounds of ammo. Do the math on that. And I have seen as many as 13,000 ammo auctions in progress.