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Unstable, because oxygen is a diatomic element meaning that O (charge of -2) cannot stand alone, when not in a compound it must be O2. So it has a charge of -4.
When no signal is received from the O2 sensor, as is the case when a cold engine is first started (or the 02 sensor fails), the computer orders a fixed (unchanging) rich fuel mixture. This is referred to as open loop operation because no input is used from the O2 sensor to regulate the fuel mixture.