There's a status in the PCM that says it's emission ready. If that status isn't set places that actually do the emissions test by asking the computer if everything is ok will fail since it's basically saying it doesn't know yet... That status, along with the persistent codes (and pending codes) all go away when the PCM looses power. Once it's emission ready (Called the IM status in the scanner I use) anything that is wrong has most likely already turned on the CEL.
The P0153 is a front sensor and that can/probably cause increase fuel consumption. Check the easy things first.. look for exhaust leaks on the passenger side (I"m assuming the 4.0 sohc/ohv motor here) and also rule out vacuum leak (doubtful since it's only showing the code for Bank 1)...
Assuming the sensors are the same for both sides (AFAIK, they are) just swap the sensors per side. If the issue follows the sensor then it's the sensor.. If it doesn't follow the sensor then it's time to get a good scanner so you can watch if the voltages are actually switching on the sensor.. Wiring issues can cause the code issue too.
~Mark