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I think that usually means the O2 sensor. Clear the code and see if it comes back quickly. I always reset the CEL and then see if it comes back with the same code. Most of the time I do it a couple times before I actually fix something.
Yes that would be the o2 sensor in bank 1. It could be bad, I think they last about 100,000 miles, -or-
it could be doing whats its supposed to and letting you know that somthing is not mixing right.