Drive with caution — fix soon.
This code means the upstream oxygen sensor on bank 2 is switching between rich and lean too slowly, so the computer can't fine-tune the fuel mixture as well as it should. It's usually caused by an aging or contaminated O2 sensor, though wiring problems or exhaust leaks can also be to blame. In most cases it's fixed by replacing the sensor, and it doesn't require major engine work.
$150 – $400
Varies by vehicle and root cause.
Usually yes, for a short time. The car will still run, but you may notice worse fuel economy and slightly rougher performance. Get it checked within a week or two to avoid stressing the catalytic converter.
Most repairs run between $150 and $400, with the oxygen sensor itself being the biggest part of the cost. If it turns out to be just a wiring or exhaust leak repair, it can be cheaper.
It's a moderate concern. It won't usually leave you stranded, but if you ignore it for too long the slow sensor can hurt emissions and lead to costlier catalytic converter damage.
Bank 2 is the side of the engine that doesn't contain cylinder number one, common on V6 and V8 engines. Sensor 1 means it's the upstream sensor before the catalytic converter, which is the one that controls the fuel mixture.