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From what I know, a change in air temperature will change the actual amount of air that can be packed into each cyclinder (aka, air density). Knowing this information the computer will adjust the amount of fuel it injects into the cylinders to keep it running as close to the 14.7 air to fuel ratio. Now, depending on if the sensor is reading high or low, you could end up either running a bit rich or lean. You probably wouldn't notice it if it's a bit one way or another, especially if it's rich. If it runs lean and the engine is under load it could start to pre-detonate in the cyclinders.
What's interesting about this is the computer is probably also using an 02 sensor to help it adjust for lean and rich fuel conditions, so perhaps it would be able to compensate enough so that you wouldn't be experiencing any problems.
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
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