My poor kids always have trouble when they come up to me. The 2nd Grade teacher is very strict about sharpening pencils and I am not. So they are always afraid to sharpen them and stress out over it. I had a student who continually was bugging other students for the first month of school because he was used to not being able to sharpen his pencil. Then he moved on to using this little tiny piece of lead left in his desk to try and write!
I have 4 electric pencil sharpeners spread out over the room. I have the kids sharpen two if necessary each morning. If they need to sharpen during the day, they are allowed, as long as no one is speaking to the class. My class seems to always be bustling and a few seconds of pencil sharpening has never bothered anyone.
If they run out of pencils, or need a sharp one during a lesson, they can borrow one of mine. I keep a can by one of the sharpeners and put neon computer labels around the top to identify them as mine. I don't really stress out over getting them back, I gave up fighting that battle a few years ago.

Since I stopped stressing over it, the kids have been really good about it. I buy one pack of 24 pencils at the beginning of the year and it lasts the whole year. One of my more strict rules though is if a student leaves their pencil around the room somewhere at the end of the day, it gets a stickers and goes in my can.
I keep all their extra supplies in big ziploc bags on a shelf. Every Friday afternoon during our free time, I take the bags out and kids can come and refill anything they need. We ask for 24 pencils on our list, so the kids always have a bunch left over at the end of the year. We never seem to go through all of them.