Thanks to all who replied.
Hellokit, I agree with your assessment. I am jumping to a conclusion regarding the condition of the sensor itself. I only checked the outer condition of the wires for breaks in the insulation for possible short to the frame. I haven’t yet done any voltage or resistance tests. And the dealer has not looked at the car, I simply asked them over the phone what it would cost to replace the sensor. As JLeather states, the odds are better that the sensor itself has gone bad. I didn’t think the car was stuck in open loop…it runs fine with only a very slight decrease (maybe 10%) in fuel efficiency.
I suppose eventually I will have to replace the sensor despite the high price, the CEL is driving me crazy and probably will not pass inspection with the light illuminated.