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I'm not much of a mechanic but I believe that from reading the blinking lights on a code scanner that I've got a 172 code on my '95 F-150 5L. I've got an O2 sensor for replacing it since the truck has 109,000 miles on it (I bought it used about a year ago). The temp guage isn't getting to about 1/4 of the way thru the scale and I was wondering if the 2 issues could be related somehow? Sorry for the long rambling text but any help is greatly appreciated.
Unfortunately code 172 is not an O2 failure code, it's telling you the engine is running lean, and the only way the computer could know that is if the O2 sensor is working. You should go ahead and change the sensor anyway because of the milage, but it may or may not fix your problem. After you do clear the codes and check them again later to see if it came back.
It's not likely the dash temp gauge reading has anything to do with your problem, this gauge has it's own sensor that doesn't interact with the EFI system at all, it's just for driver awareness. These gauges are also not known for accuracy, so if it moves at all the engine temp is probably fine.
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