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Definitely yes.
o2 sensors can and do go bad as they gradually degrade- I'd replace all three of those first and see what happens. FWIW 240 miles is definitely on the low side, although in Los Angeles traffic in a purely city traffic commute I've seen as low as 260 miles/tank in a 4th gen...
(that said the exact same car did 425 miles on I-5 at a constant 80-85mph, your specific driving conditions definitely matter)
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