Premium vrs regular

Hi all. I recently aquired a 97 Continental as a 2nd car, as my V10 F250 is a LITTLE to thirsty for every day use. Shortly after I bought the car, the "Service Engine Soon" light illuminated. I put in premium, disconnected the battery, and the light went away. Today I refill the tank with regular, and almost as soon as I start the car the light comes back on. Is it real, or is it Memorex, lol. SO, my question is this. Does premium really make all that much difference (the car runs well with regular, it does not hesitate or misfire), or is this just a sign that one of my O2 sensors is GOING bad, but with premium it masks it just enough for the light to not come on. I asked a local (very well respected and has always been good to me in the past) mechanic, and he said that yep, it's more than likely just the gas, and even if I did have the O2 sensor replaced that the code says is bad (when I run regular) I still won't be able to run regular. What do you guys think?

My 1996 TC requires 87 octane (california) regular only.
I heard somewhere the 2000's + required preemo.

POST SCRIPT: ( I learned something today )

Gasoline Octane Rating for 1996 Continental

Continental vehicles are designed to operate using PREMIUM UNLEADED fuel with an octane rating of 91 or higher.

* Regular unleaded fuel with an octane rating of 87 may be used if necessary.

* For optimum performance and driveability, it is recommended that premium unleaded fuel is used.

In some regions, "premium" grade fuels are sold with octane ratings of less than 91.

* This is commonplace in areas of high altitude.

* It is recommended that only those "premium" fuels with an octane rating of 91 or higher are used.

Always use a fuel with an "intake system deposit control" detergent that helps keep the vehicle's intake valves clean.

So, what do you think, is it an O2 senosor GOING bad, or do you think that even with a new sensor I would still need to run premium. Or should I just ignore the light entirely and run regular? With premium being over $2.50, it's a little hard to swallow if I could just replace the O2 sensor and run regular.

Try these guys (http://www.lincolnsonline.com/cgi-bin/ultimatebb.cgi?ubb=forum&f=24) too.

I did the same thing with my 1995 continental and the same light came on. It has to be the gas, the octane needed to run the engine is not high enough for the engine, and it notices the change. If you keep running regular in the car, I believe you can mess up the engine, and any other component of the fuel flow. I think you need to just pay the $2.50 a gallon, and tell with it, or you will may have to deal with a bigger problem.

my 96 conti has been run on regular since the day it was bought new and has never had a problem with the engine.

my 96 conti has been run on regular since the day it was bought new and has never had a problem with the engine.
i have a 95 continental and all iv yoused is premium and it runs great one time my mom screwed up and put regular in it
and it
started chuging

i have a 95 continental and all iv yoused is premium and it runs great one time my mom screwed up and put regular in it
and it
started chuging

all i can tell you is my car has always been run on regular and has excellant power and does not ping or knock.
john

all i can tell you is my car has always been run on regular and has excellant power and does not ping or knock.
john
i have my 95 continental and i have been yous
93 and mixing it with
100 unleded every 3 months it runs perfect no problem
when i just yyous anything lower then 93 it,s runing bad
aslo
if you get an oild change make shur it,s motorcraft oil filter
they yous or it will
let to muoch air in

I have a 1998 Continental...I've been using 89 Octane gasoline and have had NO problems with check engine lights, etc.