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Well, for starters, your problem got posted under 1985 Oldsmobile 98 - then you said it was a 95 Oldsmobile 98 Regency Elite (HUGE difference between 85 and 95)...then it would be REALLY nice to know which engine we are talking about.
I'll just go with what you said last: 1995 Oldsmobile Regency Elite (Two engine possibilities)
If you have the 3.8L Supercharged engine (VIN CODE "1") it is on the left side of the engine near the oil filter.
If you have the non-supercharged 3.8L (VIN CODE "K") there are TWO of them. One is near the oil filter and the other one is in about the same location on the other side of the engine block.
Please also note that MOST fault codes for knock sensors are not caused by the knock sensors themselves. (they do fail, but it is very rare.) Usually there is either a wiring problem to the knock sensor, or the engine has internal problems causing a "knocking" or "ticking" noise which causes the engine computer to "think" that there is a problem with pre-detonation causing an "ignition ping". The code sets when the computer has retarded the ignition timing as far as it can and the "knock" or "ping" does not go away....usually it doesn't go away because it is not caused by ignition timing. The knock sensor is just doing its job and reporting the knock. It does not know the difference between a knock caused by ignition and a knock caused by internal engine problems.
If it has a timing CHAIN, I wouldn't bother replacing it until you need a valve job or engine rebuild. The timing chain should last quite a while, especially since it is being lubricated as the engine runs. However, if it has a timing BELT, at 116,000 miles, you're past due.
Based on the information you have given to this point, I am just going to give you a few possiblities. Have you had a tune up done recently? Air filter been checked or changed? I am not in any way trying to sound sarcastic so I apologize if I come off that way.Those would be my first things to inspect if I were ask to look at your car. I would also check fuel pressure and inspect the fuel pressure regulator.I would consider these things and go from there. I Hope this helps you but please let me know if you need more information on what to do next but I may need some more information at that time also .