I started running about 5-6 weeks ago (I use the term 'running' loosely-my program has me building up to running 3 miles over 9 weeks and I'm still doing a combination of running/walking). I cut my carb intake to induction levels on the second week of the program and experienced what you did-felt like no gas in the tank, felt like I couldn't get enough air no matter what, etc.

Since I don't have much weight to lose, Galadriell suggested I go to maintenance levels and add/subtract carbs as necessry for weight loss. So on a higher carb count-I shoot for around 60 per day- my running is a LOT better. If you're new to running and trying to do it on Induction levels of carbs, that might be why you're having trouble. YMMV, but you may want to add a bit more GOOD carb to your daily allotment and see how the weight loss/running goes.

Sina