blood oxygen level (Sp02) and shortness of breath (SOB) do not correlate.
Just as with "healthy people" it is conditioning & fitness that cause SOB.
Hence the reason that those of us with bad lungs need to keep active & in the best shape possible.

Does your husband wear supplemental 02?
if so he may want to turn it down a bit & try to keep his number closer to 95% sp02...i find that helps me, i think it has something to do with how with COPD we can retain C02.
Also, try pursed lip breathing to "empty" lungs of C02.
(just a couple of things that can't hurt to try & maybe can help)

Here is an article that explains your question in easy to read terms;
http://www.nationaljewish.org/Participation-Program-for-Pulmonary-Fibrosis/Community/Blog/Participation-Program-for-Pulmonary-Fibrosis/October-2013/How-can-I-be-short-of-breath-when-my-saturation-is-93

Have you spoken with his Dr about this? I find that an anti-anxiety medication helps me when I get SOB.
also, for some people morphine helps relax the bronchial muscles & relieves the SOB/air hunger feeling.
many Dr's do not want to start morphine management until "end stage". A Pulm would be the best to talk to about these medications as non-lung Dr's don't always understand that medications that decrease respiratory can actually help some of us.
https://www.caring.com/blogs/older-patients-wiser-care/end-stage-copd-opiate

Thank you for your response. He is on oxygen 24/7 at 2 litters. So I see it can be more of a panic reaction - then everything in the brain starts saying 'SOB!" SOB!, when it's maybe not the case. He's also on dialysis and excess fluid will fill up around the lungs in between dialysis sessions - hence maybe the tight chest feeling, and then upon exertion, he has the brain sending all sorts of signals. He does take anxiety mediations.

kiddogal; i agree that if he gets filled with fluid that may make his SOB worse.
I rarely swell up/retain fluid, but when I have i experience much more SOB---in fact I have now learned that if I start retaining water to get in fast as it is a sign of exacerbation/flare up for me.

feeling like i can't breath is so scary!
my prayers are with you & your husband (((HUGS))))

A few years ago, following surgery, I had the same problem. My reading were fine but I couldn't get even a few feet without being short of breath. Turned out it was atelectasis, or collapsed lung, which is fairly common and something you can bring yourself out of with patience, time, and breathing and physical exercise.

Boy, I sure didn't write that very well. Meant to say breathing exercises really helped me come out of it, though it did take awhile. Also, has he reported his SOB to Dr? If not, he should.

Oh, yes, he sees his pulmonologist regularly. I do notice his breathing is a bit more labored on the days he does not have dialysis. (he goes 3 times per week) They will usually take off 4-5 pounds of fluid per dialysis treatment. He has severe fluid restriction, and for him it's really tough because he was a big fluid drinker prior to having to go on dialysis.

Hello,
Let me throw in my 2 cents worth of advice. Jarca is always spot on with good advice and good web sites, so I can not add to what she said.
I know SOB is not always determined by the sat numbers of your O2. You could have 98 and be huffing and puffing. The number just represents how much oxygen is getting into your blood thru your lungs, but there are other things that can cause SOB that has nothing to do with the sat. I would have a detailed discussion with his doctor ,and get him on board with this. A Pulmy should be able to check out all the reasons, and it just might be just the fluid. Also before he does any thing, have him do the purse lip breathing for a few then just before he stands up , have him stand when he EXHALES, the once he is up he can do a few more if he needs to.