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No there is no fuse you can pull to do this. Also this does not simply alter the fuel economy, an 02 sensor (or air fuel ratio sensor) is one of the primary sensors on the engine, over time you can cause extensive damage to more critical parts on the car, also if this car is subject to emission testing or if you ever plan on selling it this will pose a major issue. I will say that it is rare for an 02 sensor to seize in the manifold on one of these. If cost is your concern here then I recommend you purchase the part cheaper at a online wholesaler such as www.metrotoyotapartsnow.com the sensors normally retail for around $240, but this cheaper and pay the labor to get it installed and you should ge out under $300. If you cannot afford to get it fixed then you should consider parking the car or trading it in before you lead yourself into more costly issues.
The lights have been on for years (but I don't drive the car a lot ~ thus only 69,000 miles). I have had both the 30,000 and 52,500 scheduled maintenances (at Toyota) with no reported problems (lights weren't on then though). But, I have not had the 60,000 maintenance yet. Each year when I have to go for emissions tests, I pull a certin fuse out under the hood, and then immediately replace it. Both warning lights go off. I pass the emissions tests successfully, but within a day or so the lights some back on. Not sure what the fuse I pull is actually resetting or turning off. I just bought a Sienna and I am preping this solara for private party sale. Will Toyota install a sensor that I provide? Any other thoughts with this additional information? Is the traction control disabled because of this O2 sensor being bad?