Problems with Shifting/Brakes/Sensors?

[InNeedOfHelp94]

Hi, I'm having some problems just getting my 94 Explorer in gear. It's an automatic, and it'll sometimes get up to 4000 RPM's, I'll have to let off the gas, and if it doesn't shift up, I have to repeat the process. It also is a gutless wonder. It's got a small accelerator pedal, and for some reason, it takes forever to get going and if I push down TOO far then it'll rev up, but literally slow down. I can barely go on the highways, living in Iowa, because of all the hills. By the time I get to the top of the hill I'm going 45 in a 65. Some friends have told me that one of the problems might be the oxygen sensors, but they're 75 bucks a piece. And for something that MIGHT be the oxygen sensors, I dont want to pay $150 and still have my problem. My last problem is the brakes, they were squeeking so I went to the parts store and bought some of the goo stuff to rub on the brakes.. but when I jacked it up, took the tire off and started looking at the brake pads, I noticed that they were touching the disks. As far as I know, they arn't supposed to touch the disks until you pushed down on the break, but I dont know if this is something specifically that Ford did or not. It's like that on both of the front tires, and I think that this might be a cause of some bad gas mileage?

Thanks to anyone that can help with these problems.

 

[BrooklynBay]

Welcome to this forum! Disc brakes are not like drum brakes. The pads are always in contact with the rotors. Drum brakes only engage when you step on the brake pedal. Disc brakes grab tighter when you step on the brake pedal.
Does your engine feel sluggish? Do the RPMs stay high when you step on the accelerator while it is in park, or neutral? You might have a few possibilites as to why you have a lack in power.
1.Do a compression test.
2. Check your kickdown cable.
3. Check your bands.
4. Check your ATF level.
How old are your spark plugs, and cables? Do you get any check engine lights?