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"...My 240 is getting horrible gas mileage too !...."
Oh, no kidding. Does the car belch black smoke and smell rich running? Were the spark plugs quite black?
You may have an issue with the Fuel Pressure Regulator. Pull the vacuum hose off of it and see if any gas drips out - it shouldn't.
The fuel pressure measured at the injector rail should be in the neighborhood of 36.5 PSI at idle (vacuum hose connected) and rise to about 43.5 at full throttle (simulated by removing vacuum hose from the regulator).
Oh, and welcome to the Brickboard and the world of Volvo.
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Current rides: 2005 Volvo S80 2.5T, 2003 Volvo V70 2.4NA, 1973 Volvo 1800ES (getting ever closer to road worthiness)
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