A Caprice, depending on the year, might have multiple O2 sensors:
* Upstream O2 sensor(s): Located in the exhaust manifold, closer to the engine. These sensors monitor the exhaust gases immediately after they leave the engine, providing real-time feedback to the ECM for precise air/fuel adjustments. A V8 Caprice might have one upstream sensor per bank of cylinders (one sensor for each side of the engine).
* Downstream O2 sensor(s): Located further down the exhaust system, after the catalytic converter. These sensors primarily monitor the effectiveness of the catalytic converter. They don't directly affect the air/fuel mixture but help the ECM diagnose problems with the catalytic converter.
In short, the oxygen sensor acts as a feedback mechanism, ensuring the engine runs efficiently and cleanly by regulating the fuel injection to maintain the proper air/fuel ratio. A malfunctioning oxygen sensor can lead to poor fuel economy, rough running, and increased emissions.