I was told that the oxygen sensor is bad and I had error codes of PO158, PO160 and PO162.

Fault codes never say to replace parts. They provide information on which circuit needs further diagnosis. Three related fault codes suggests something is wrong other than the sensor itself although the sensor is normally the most likely suspect. I'd start by checking the wiring harness to see if it fell down onto hot exhaust parts or a sharp metal bracket. Also look for corroded connector pins to the sensor. Ignoring that could lead to more damaged wires in the harness. If it is just a bad sensor, you'll be wasting gas and in a severe case the catalytic converter could overheat, melt, and become plugged. That's a REAL expensive repair that can be avoided.