mark
+1y
i'm also going with bad/plugged EGR
i received a similar code on my 01 4.0 SOHC ranger. but it was actually the sensor itself. on the SOHC 4.0 rangers, the sensor is some plastic crap, easily gets melted by the exhaust it is "sensing". doubt the 98 3.0's had that problem. but the EGR is where the recirculated gas passes through, if it is plugged, it'll throw a code.
pretty much all it is doing to your truck now is that you aren't getting as much gas mileage and the excess gas isnt getting recirculated, thus relying on the Catalytic converters to burn those unburned fuel, all 3 or 4 of them, i forgot how many cats the 3.0 has. overtime, the 1st cats on each side will get plugged quicker