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Usually there are two separate RPMs where they test HC
Near idle or idle RPMs and above 2,000RPMs
Did you fail both or is there only one and what RPM was it?
Yes, 1994 and earlier Rangers just have upstream O2 sensors, on a 4cyl that would just be the one O2 sensor.
Not a bad part to replace, they do use a chemical reaction, like car batteries do, so they for sure wear out, 125-150k is approx. life span
And failing O2 will reduce MPG a bit as it gets older so new one will pay for itself over the next 100k miles in better MPG
If its only higher HC levels then Cat converter should be OK
Vacuum leaks can cause higher HC levels
Warm up engine and let it idle
Unplug the 2 wire connector on the IAC Valve
RPMs should drop down to 500 or so, or engine may even stall, either is GOOD, it means no vacuum leak
If idle doesn't drop then there is a leak
If you have or can get a vacuum gauge I would test compression, steady 18-21" of vacuum at warm idle means compression is OK.
Lower vacuum can be vacuum leak or low compression, both raise HC levels
Run a can of injector cleaner in the gas tank.