Isn't shooting in the air potentially dangerous, since the bullet (assuming straight up in an empty space) will return to the ground with the same velocity it was fired at?
http://www.straightdope.com/columns/read/1199/can-a-bullet-f...
Furthermore not all warning shots fired into the air are fired at high enough angles that the bullets decelerate to terminal velocity before hitting something.
Even if it reaches terminal velocity and doesn't hit anyone, in an urban area it can easily hit someone's property and cause property damage to roofs windows or walls.
http://articles.nydailynews.com/2011-12-20/news/30540094_1_a...
Edit: this particular bullet would have been on a ballistic trajectory and would have retained a significant amount of its original velocity.