Well, sounds like when the car operate in open loop mode when cold everything is ok. However, when it enters into closed loop operation things go out of whack.
I'd give the car a tune up, including valve clearance checks and new plugs if they're 150K miles old.

Of course, this is to make sure an out of tune engine doesn't kill the new oxygen sensors I'd suggest you look at.
If the car isn't CA/NY/MA (all three use Calif emissions), then get the Bosch planar type sensor from rockauto.com. These are more resistant to contamination and you should use them whenever possible. They are as low as $60.79 + shipping (Bosch 15733). These "universal" ones require you to follow an instruction sheet and splice the old connector on there. But pay $22 more a downstream (after converter) Bosch 13353 is also an excellent planar type with a connector on there already. However, for $28 more the front
isn't a planar. That stinks.
Bosch planar:
http://www.boschautoparts.com/Produc...nsors/PlanarO2