My car keeps cutting off while driving and is very hesistant, any advice?

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While driving the car you have to kick it into Neutral and red line the engine to keep the car on. A mechanic came to the house and glanced at it and said that he thinks its the fuel pump and filter. Not sure what it could be but the code it is reading is a p1166 which is an o2 sensor. Is this possibly the fuel pump, or really the o2 sensor?