If you were swimming into current, you may well have had CO2 retention. But I have had precisely the symptoms you describe from pure narcosis. I became convinced my regulator was malfunctioning, and I was short of breath and anxious, and only held onto my composure by focusing on a slow, rhythmic breathing AND telling myself, "You doofus, you're NARCed!"
CO2 is additive with nitrogen in causing narcosis, though, so the two together are a bad combination.
Yes, you will have enough oxygen in your bloodstream at depth, if you are breathing much at all; the oxygen partial pressure of air or Nitrox at 100 feet is so very high. However, elevated CO2 is not to be dismissed. CO2 is tightly regulated by the body in order to keep the blood pH within very narrow limits. Significantly, acutely elevated CO2 is also associated with acidosis, and acidosis means muscles don't work well, and neither do nerves . . . and neither does the heart. Because the body needs to keep CO2 so carefully controlled, you have some powerful urges built in to increase your breathing when CO2 starts to rise -- along with them comes a feeling of anxiety and suffocation. Heightened anxiety is NOT good for divers, because it puts you closer to panic, and panic kills.
As said before: If your shortness of breath is associated with having to do too much physical work, you need to stop working. Drift, or stabilize yourself on some feature of the environment, and rest, while maintaining a deep, rhythmic pattern of inhalation and exhalation. If you are short of breath and anxious WITHOUT exertion, check your gauge to make sure it isn't oscillating with each breath (indicative of a valve which is not completely open), and if it's OK, try ascending ten or fifteen feet to see if the symptoms abate.
BTW, I, too, have read that rapid descents make narcosis more noticeable. I think it's because you don't have any time to get slowly used to being stupid . . .
