The PS3 could face shortages during this holiday season if the current sales rate continues, according to SCEA chief Jack Tretton. He brags that PS3 sales have tripled since the price drop to $300 and the new slim redesign and says that it’s “conceivable” that these sustained sales could lead to some stores running out as demand outpaces supply.

The price drop alone has led to the PS3 outselling the Xbox 360 and the Wii. We’ll see what happens. Microsoft’s matching price drop for the Xbox 360 Elite might offset the discount, as well as the impending Wii price cut.

The console wars are heating up again.