Yes, the oxygen sensors can indeed cause this problem, as I found out.
Mine was accompanied by the "emission service required" light, as
well.
See my post on the 99 S80 issues I had with these, and hold on to your
wallet if you plan on having the dealer replace these; mine ran almost
1800.00 to replace all 4 sensors on my S80, and it took three trips to
get it done completely.
(Two failed, then supposedly the other two failed...)
Of course mine may have just been an isolated incident and not typical
of most S80's from that year.
