Whats an O2 sensor ?

An Oxygen sensor is a chemical generator. It is constantly making
a comparison between the Oxygen inside the exhaust manifold and air
outside the engine. If this comparison shows little or no
Oxygen in the exhaust manifold, a voltage is generated. The
output of the sensor is usually between 0 and 1.1 volts. All
spark combustion engines need the proper air fuel ratio to
operate correctly. For gasoline this is 14.7 parts of air to one
part of fuel. When the engine has more fuel than needed, all
available Oxygen is consumed in the cylinder and gasses leaving
through the exhaust contain almost no Oxygen. This sends out a
voltage greater than 0.45 volts. If the engine is running lean,
all fuel is burned, and the extra Oxygen leaves the cylinder and
flows into the exhaust. In this case, the sensor voltage goes
lower than 0.45 volts. Usually the output range seen seen is
0.2 to 0.7 volts.