US gun sales shoot up
West Australian, Page: 24. Monday, 16 March, 2009
A pledge by President Barack Obama to tighten gun control laws has led to firearm sales soaring across the US.
Manufacturers are struggling to keep up with demand and many gun shops running low on stock as the US public buys weapons in anticipation of tighter controls.
On the campaign trail last year, Mr Obama proposed restoring a Clinton-era ban on military-style assault rifles and high-capacity magazines, as well as other “commonsense measures”.
His pledge has proved a potent catalyst, with manufacturers recording soaring profits since his election.
Smith & Wesson posted last week third-quarter profits of $US2.4 million ($AU3. 6 million), reversing a loss of $US1 .8 million over the same period the previous year. Its pistol sales leapt 46 per cent and tactical rifle sales more than tripled. Sturm Ruger had an 81 per cent increase in takings.
Demand for certain ammunition also is outstripping supply as enthusiasts build up stockpiles before threatened tax increases on bullets.
Personal background checks which, under Federal law, are required of people buying rifles and handguns jumped 42 per cent at gun stores to a record 1.5 million in November after Mr Obama was elected. Since then, they have risen by an average of 25 per cent each month.
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