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chuffsy,
...The only problem im having is a slight engine knock with regular gas...
With 154K miles, I would suspect this is caused by carbon buildup. Try running a bottle of Techron or other cleaner through with each tank of gas. After three or four tanks, try the mid-grade gas and see if it still knocks.
Do you "baby" the car? In conjunction with the fuel additive, run the RPM up a little higher than you would normally.
I doubt a 16 year old O2 sensor is doing much of anything any more. If anything, it is signaling a constant lean condition, causing the ECU to enrich the mix, causing more carbon buildup. Yes, do replace the O2 sensor. You will probably see a better MPG as a result.
Is the timing belt recent? Plugs, cap, wires, etc? It may be time for good tuneup.
--
Mr. Shannon DeWolfe -- (I've taken to using Mr. because my name tends to mislead folks on the WWW. I am a 51 year old fat man ;-) -- KD5QBL
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