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That leak can cause excess air to be sucked into the exhaust.. Which will show you have a lean fuel mixture.
If you are going to replace the O2 sensor look up on here about the 3 wire O2 sensor upgrade. 1993 should still have just a 1 wire so the 3 wire will help out as far a getting to closed loop faster and staying there.
Sent from what use to be a great country.