Make a stomp fault test, details on my website, or if you have a code reader like the Peake fault code tool, easier.
Ever changed the O2 sensor?
O2 sensors do wear out and eventually have to be replaced. The performance of the O2 sensor tends to diminish with age as contaminants accumulate on the sensor tip and gradually reduce its ability to produce voltage. This kind of deterioration can be caused by a variety of substances that find their way into the exhaust such as lead, silicone, sulfur, oil ash and even some fuel additives. The sensor can also be damaged by environmental factors such as water, splash from road salt, oil and dirt.

As the sensor ages and becomes sluggish, the time it takes to react to changes in the air/fuel mixture slows down which causes emissions to go up. This happens because the flip-flopping of the fuel mixture is slowed down which reduces converter efficiency. The effect is more noticeable on engines with multiport fuel injection (MFI) than electronic carburetion or throttle body injection because the fuel ratio changes much more rapidly on MFI applications. If the sensor dies altogether, the result can be a fixed, rich fuel mixture. Default on most fuel injected applications is mid-range after three minutes. This causes a big jump in fuel consumption as well as emissions. And if the converter overheats because of the rich mixture, it may suffer damage.

You can read the O2 sensor's output with a scan tool or digital voltmeter.

A good O2 sensor should produce an oscillating waveform at idle that makes voltage transitions from near minimum (0.1 v) to near maximum (0.9v). Making the fuel mixture artificially rich by feeding propane into the intake manifold should cause the sensor to respond almost immediately (within 100 milliseconds) and go to maximum (0.9v) output. Creating a lean mixture by opening a vacuum line should cause the sensor's output to drop to its minimum (0.1v) value. If the sensor doesn't flip-flop back and forth quickly enough, it may indicate a need for replacement.

If the O2 sensor circuit opens, shorts or goes out of range, it may set a fault code and illuminate the Check Engine or Malfunction Indicator Lamp. If additional diagnosis reveals the sensor is defective, replacement is required. But many O2 sensors that are badly degraded continue to work well enough not to set a fault code-but not well enough to prevent an increase in emissions and fuel consumption. The absence of a fault code or warning lamp, therefore, does not mean the O2 sensor is functioning properly.

copied from http://www.autotap.com/techlibrary/u...en_sensors.asp