These definitely seems to be some buying hysteria at the moment -- looking at Bud's Gunshop online, it looks like they're sold out of pretty much anything that even looks like an Evil Black Rifle except for the real high end price stuff.
But, it remains to be seen if Barry O is really going to make the sky fall, or if this election is just an early Christmas present for gun store owners (off topic but I think he'd like to, but don't know if he wants to pay the political price for doing so).
politically speaking, would it be better to get one or the other? Right now 7.62 is dirt cheap, but could legislation be passed that seriously taxes foreign ammo, or even bans it altogether?
If I'm not mistaken, foreign ammo imports could be blocked by an Executive Order or a BATFE re-interpretation of the law.
There is domestic production of 7.62x39 (I'm thinking that's the 7.62 you're talking about), though what there is presently can't compete with Wolf in terms of price (and there's no domestic 5.45x39 production at present). I suspect, though, that American manufacturers don't even try, since they can't match the lower bottom line in Russia, Bulgaria, etc.
If foreign ammo was banned, and that was the only thing that changed on the landscape (i.e. no ammo tax, no laws to screw US ammo manufacturers, etc.) I think we'd see US manufacturers moving more volume of 7.62x39 and their prices coming down some in the process. They wouldn't ever reach Wolf prices, but they'd be better than they are now.
Likewise, there are enough AK-74s out there that if 5.45 imports went away, someone would step up here in the US and start feeding the market. Again, we'd never get prices down where they are now for a Bulgarian or Russian sardine can, but there would be ammo available.
-oh and p.s., I think that's 10 trillion, not 100.