2000 Ford Taurus jerky acceleration?

I have a 2000 Ford Taurus SES Flex Fuel with 148k miles. In a short span of 2 or 3 days my car went from idiling smoothly, to having an issue idling smoothly, to having jerky acceleration. By jerky, I mean when I hit about 3,500 RPM, the car will completely lose all acceleration, but then instantly go back to accelerating, it really does fling me back and forth until I lower the RPM's. When I got the car a few weeks ago we ran the code and it said something about an o2 sensor. Could that be the issue? Any and all information would be much appreciated as I would like to try to fix it before it gets worse.

Usually an o2 sensor doesn't cause that sort of problem. However I hooked a air fuel ratio gauge up to my o2 sensor and didn't get one of the wires taped good and when I hit bumps in the road the bare wire would short out against metal and cause the exact same symptom you've listed. Check the wiring to the o2 sensor and make sure you don't have a burnt or melted wire touching metal.It can happen easily with a o2 sensor considering how close to the exhaust it is. You should also start the car and start wiggling wiring harnesses, connecters, tapping on sensors and ignition parts to try and recreate the problem. The car will begin missing if you find its source.Ignition modules, crank position sensor, and tps(throttle position)sensor can also cause this sort of issue.Autozone can test the ignition module if you remove and carry it to them