Just assuming it has between 50,000 and 80,000 miles it is almost certainly the O2 sensor. Very popular after 50,000 miles and hardly ever causes any noticeable problems except maybe a slight drop in fuel economy because it will be running a little rich.
I have a 1998 Mercury that this happens to when the gas level gets below 1/4 of a tank. My brother is a mechanic and said that it's just the O2 level and it doesn't cause any harm. To reset it, just unplug the battery for about 2 minutes, then plug it back in.
I purchases a used 2000 Grand Marquis in January and my check light came on without apparent cause. I had it checked and it was a intake manifold leak. Ford has a recall on these manifolds that ends some time this month and will replace the bad manifold for free. You need to have it placed on a computer at a dealership. Ford lost a law suit about the bad intake manifold recently. .
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