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Many things, unfortunately, so first things first, scan for any codes and solve them. Also don't rule out the basics i.e. spark plugs, wires, air and fuel filter etc.
I think that your truck is running way too lean, I bet the oxygen sensor codes are for lean conditions. Do you have any P0171 and P0174 codes, if so check for any vacuum leaks, and don't rule out a defective mass air flow sensor. Here is an article that I wrote that addresses lean running code/problems and how to approach diagnosis of them. http://repairpal.com/OBD-II-Code-P0171-and-P0174
Most likely it is the vehicle speed sensor, at least that is the first thing I would check. they run about $100 plus about $50 labor to install, but have the problem diagnosed first and foremost, please, don't guess!
It can be so many things on these engines, it may be the VANOS is out of spec, that is the computer controlled valve timing, which is a pretty common on these cars and WILL set cam codes.
go to http://www.alladatadiy.com and find out how to access the check engine codes and then retrieve it and trace the cause first and foremost. I get these codes with a scanner, but I don't think that you have one, there is usually a way to get the mopar codes pre-1996, I think that you just turn the key on and wait, the CEL will blink out the code, at least it does on most pre-1996 mopar. Hang in there, YOU can do this!
You have a malfunction in your traction control system that is associated with the power train computer, thus the check engine AND flashing traction lights. Push the traction button to disable it ( lower left hand side of dash, should be in your owners manual under traction in back ) and get your car to a repair shop ASAP. When you push the traction button, you have NO MORE traction control safety.
What sensor? then I can help you. What is the actual number of the code i.e PXXXX as in P0101 for mass air flow sensor etc.
Have a REPUTABLE muffler shop look at this, they will know if the wear and blackened portion is abnormal or not.
Too many to list here, so first and foremost, check for any vacuum leaks, check the fuel trim with a scanner, LTFT should not be above 8% at idle. Check the plugs, wires, filters etc. In other words, check and inspect basics and go from there. You will NEVER go too wrong by checking the basics first and foremost.
Diagnose the issue, in that check for codes, inspect wear and tear of the tune-up parts, filters, cleanliness of the throttle body etc. Do the basics first.